UK’s largest estate agency group Countrywide has scrapped plans to revamp its incentive package for directors following an outcry from top investors.
Countrywide announced today that it has cancelled the “absolute growth plan” and would stick with its original pay deal as approved by shareholders at last year’s AGM. The development comes as Institutional Shareholder Services (ISS) labelled the scheme “excessive”.
“No compelling explanation has been provided as to why the proposed arrangement is essential to effectively implementing the group’s strategy and turnaround plan, ISS said.
Sky News had reported last Thursday that leading City institutions were planning to oppose the new incentive scheme.
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