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Shareholder revolts could land firms on new public register

Publicly listed construction firms whose shareholders revolt over boardroom pay could be added to a new public register, under government plans expected to be unveiled next week. 

Business secretary Greg Clark is due to say that fund manager trade body the Investment Association will oversee the launch of the register, which will include any company that faces opposition from at least 20 per cent of investors, Sky News reported.

Construction firms and housebuilders have been among those that have this year faced shareholder pressure over their remuneration policies for top executives.

In May, nearly 23 per cent of Balfour Beatty shareholders voted against increasing chief executive Leo Quinn’s bonus to 150 per cent of his salary, taking his annual pay to £3.76m.  

Housebuilder Crest Nicholson also suffered a shareholder revolt in March over executive pay.

The move is part of prime minister Theresa May’s plans aimed at making businesses more accountable. 

Under the proposals, nearly 1,000 listed companies are expected to be forced to publish and justify the ratio between the pay of their chief executive and their average UK-based worker, according to Sky News.

Firms will also reportedly have to produce an annual statement setting out how they are recognising workers’ interests. 

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