Pub chain firm Punch Taverns has had its remuneration report rejected by 55% of its shareholders.
The shareholder vote at Punch Tavern’s annual meeting rejected the remuneration report which outlined a long-term incentive plan worth up to 200% of salary, pension increases, an 11% bonus award, and compensation for former executives.
At the last annual meeting, 36% of shareholders opposed the company’s executive pay settlements.
In a statement, Punch Taverns said: “In light of the vote, the board confirms that it will be conducting a full review of the remuneration policy and its future implementation. The remuneration committee will consider the feedback received from shareholders and will consult further with its major shareholders as part of the review.”
Like-for-like profits on the chain’s leased and tenanted estate continued to decline by about 11% in the 16 weeks to 12 December, the Times reported.