River & Mercantile presses ahead with exec pay scheme despite shareholder revolt
New policy will see a reduction in maximum cash bonus opportunity from 300% of base salary to 250%
River & Mercantile is going ahead with a revised executive pay scheme despite almost 40% of shareholders opposing the plans at the company’s AGM.
At the firm’s AGM on Monday, with just under three quarters of eligible votes cast, 37.8% voted down the resolution to approve the directors’ remuneration policy, while 62.2% were in favour.
A further 36.7% of shareholders came out against a related “value transformation plan” that would see directors be able to claim revenue growth above a fixed hurdle.