Shareholders in Hammerson have vented their anger over excessive executive pay at the AGM, delivering a bruising blow.
Hammerson’s who own the Bullring shopping centre and who are also behind Brent Cross, saw almost 30% of the company’s investors rejected the remuneration report on Tuesday’s meeting.
The investor advisory firm Institutional Shareholder Services (ISS) recommended the pay report to be voted down over concerns of stock awards and bonuses were given to top execs that are worth millions.
Following the AGM, Hammerson said in a statement, “The board understands the concerns of some investors but notes that the reward structure is in line with the remuneration policy and recent previous practice.
“In the coming months the Remuneration Committee will be undertaking its regular triennial review of the remuneration structure and quantum, prior to submitting the revised remuneration policy to shareholders at the AGM in 2020.
“As part of that review, the views of shareholders and voting agencies will be considered, and further consultation undertaken, to ensure that executive reward continues to be aligned with shareholder interests.”