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Pay apology

House builder Berkeley fended off a shareholder revolt at last week's annual meeting with an apology over managing director Tony Pidgley's pay. The company said that Mr Pidgley's £1.2 million long-term incentive payment - included in his £4.7 million overall package last year - 'was undesirable and not in accordance with best practice'. The payment was made because Mr Pidgley was excluded from the long-term incentive scheme three years ago through an administrative error. The directors' remuneration was supported by 53 per cent of Berkeley shareholders.