Crest Nicholson has been hit with a shareholder rebellion over its director pay.
Of 184.7m votes cast on the directors’ remuneration report at the housebuilder’s AGM yesterday, 58 per cent were against the report.
However, the vote was non-binding and the company will still push ahead with its remuneration policy.
Crest Nicholson’s remuneration report outlined plans to cut its target for pre-tax profit growth to 5 per cent to 8 per cent for the 2017 to 2019 period.
If the company hits the target, then chief executive Stephen Stone is expected to receive a share bonus worth almost £812,000 on top of his salary of £541,158.
Crest Nicholson said it was “disappointed” the advisory vote was not carried.
The firm’s broader remuneration policy received approval from 96 per cent of voting shareholders.
Executive pay has been rising up the political agenda of late with prime minister Theresa May proposing to introduce reforms to executive remuneration.
In a stament ahead of its AGM, Crest chairman William Rucker said the trading environment for the group had remained ”generally robust” and that the company was pleased to have hit £1bn revenue.
Last June it emerged that Crest Nicholson had been given the green light to start work on a £100m mixed-use site in Waverley, Surrey, after an eight-year planning wait.