Jul 19, 2018
Royal Mail suffers investor revolt over pay
Royal Mail has suffered a chastening blow from its shareholders over boardroom pay in the biggest ever investor revolt of its kind for a FTSE 350 company. Royal Mail said it believed this reflected a shareholder concern around the contractual agreements of Moya Greene, its retiring chief executive, who is set to receive a termination payout of more than £900,000. The investor rebellion came after Institutional Shareholder Services and Glass Lewis, two influential advisers to shareholders, called on investors to vote against the company's pay report ahead of the annual meeting. Turnout on the vote over the pay report was 61 per cent of Royal Mail's issued share capital. According to data from FTI Consulting, no other FTSE 350 company has suffered such a large defeat of their pay report since investors were given a say on pay in 2003.
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