Equipment rental group Ashtead has another embarrassing shareholder response over boardroom pay
Equipment rental group Ashtead has had another embarrassing response from shareholders over boardroom compensation.
Nearly a third of investors voted against the £6.6 million package from US CEO Brendan Horgan on Tuesday.
Backlash: Vote keeps Ashtead on Investment Association blacklist of companies affected by more than 20 percent uprising
The Mail on Sunday warned shareholders were likely to revolt against the award, after more than a third voted against the pay report and compensation policy in September last year.
The new uprising spread to Ashtead’s executive wage committee chair Lucinda Riches. More than a quarter of investors opposed her re-election.
In a highly unusual move, she had written to shareholders to prevent another uprising, saying Ashtead was “extremely disappointed” by Institutional Shareholder Services’ voting advice.
Investors were “extensively consulted” about the compensation proposals, she added.
The vote keeps Ashtead on the Investment Association’s blacklist of companies affected by a more than 20 percent insurgency.