Berkeley shareholders vote against ‘excessive’ pay plan

A third of Berkeley Group’s investors voted against the housebuilder’s remuneration plan for key executives yesterday.

Although the incentive scheme has already been agreed, shareholders are said to be angry with the plans. Pirc, the corporate governance lobby group, urged shareholders to vote against the plans, which are set to reward directors with “highly excessive awards”, the Times has reported.

A total of 8.6% of votes cast were against the remuneration report, while shareholders with equity worth 18.9% withheld their votes.

Earlier this year almost 60% of shareholders of oil giant Royal Dutch Shell voted against the company’s executive pay plan.

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