Over 107 million votes were cast against the proposal at the company鈥檚 AGM
Housebuilder Crest Nicholson is to go ahead with its proposed pay deal for the company鈥檚 directors despite a revolt by shareholders.
At the firm鈥檚 annual general meeting, over 58% (over 107 million) of votes cast in the non-binding vote were against the proposals, while over 77 million voted in favour and a further 5.5 million votes were withheld.
Crest Nicholson said it was 鈥渄isappointed鈥� with the result of the vote, but added that the company鈥檚 remuneration policy continued to be 鈥渨ell supported鈥� with 96% supporting the policy, in a binding vote that broadly sets the directors pay for the next three years.
Shareholders were concerned about profit targets for 2017-2019 being too easy after being reduced for the second year in a row.
Crest Nicholson said the cut to targets was made due to 鈥渢he uncertain economic backdrop and the competitive environment in which the Company operates鈥�.
In addition, the firm said it expected profit growth to remain 鈥渞obust鈥� although it would not be at the same level of recent years due 鈥渢o tough comparators, additional investment in land, examining approaches to off-site manufacture and a new division required to support our stretching annual growth targets of 4,000 new homes and 拢1.4bn of sales by 2019鈥�.
Under the plans, Stephen Stone (pictured), chief executive at Crest Nicholson, could take home a 拢812,000 share bonus on top of his 拢541,158 salary with Patrick Bergin, the firm鈥檚 chief operating officer, in line for a share bonus of 拢562,500 on top of his 拢375,000 annual salary.
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