A controversial pay deal for Interserve’s chief executive and finance boss has been approved at the company’s annual general meeting.
Advisers Glass Lewis had recommended shareholders vote against the proposal for CEO Debbie White to receive a 125 per cent bonus for four months’ work in 2017.
However, the resolution on Ms White’s pay deal was approved at the AGM yesterday, with 17 per cent of shareholders voting against it.
All of Interserve’s other resolutions were passed at the AGM by majorities of 95 per cent or higher.
Ms White earned £525,897 for four months’ work as Interserve CEO at the end of 2017, which included a £270,089 bonus equal to 125 per cent of her basic pay.
Chief financial officer Mark Whiteling received £246,433 for three months’ work, which included a bonus of £126,562.
Ms White’s annual base salary for 2018 stands at £767,000; however, various bonuses could see this rise to £2.56m.
Mr Whiteling will receive £479,000 in 2018 in base salary, with bonuses potentially pushing this to £1.6m.
Shareholders across the wider industry have become more stringent on executive pay over the past year.
At Balfour Beatty’s AGM last month almost 14 per cent of shareholders voted against a £5.4m pay deal for CEO Leo Quinn in 2017.
A £75m bonus for Persimmon’s CEO attracted widespread criticism and saw almost half its shareholders vote against the proposal at the company’s AGM in April.