LONDON, April 13 British power company Drax
will engage further with shareholders on executive pay,
it said on Thursday, after a third of investors opposed its
A total of 33.65 percent of shareholders voted against the
report, which attributed Chief Financial Officer Will Gardiner
annual remuneration of 971,000 pounds ($1.22 million), including
a bonus of 479,000 pounds.
Shareholder adviser Institutional Shareholder Services had
recommended voting against the report because it thought
Gardiner's bonus was "excessive" in view of the company's
performance the previous year.
"Discussions have already taken place with a number of
institutional shareholders who did not support the remuneration
report or remuneration policy resolutions," Drax said in a
statement following the vote at its annual general meeting.
"Further engagement is expected with shareholders as part of
an ongoing programme," it said.
A total of 22.97 percent of shareholders voted against
Drax's new remuneration policy, which will apply from this year.
Executive remuneration has come under growing scrutiny in
Britain after a series of corporate scandals, and lawmakers have
urged firms to overhaul pay policies.
However, few of the top British companies that reviewed
their policies have made any changes, a Reuters analysis showed
($1 = 0.7983 pounds)
(Reporting by Karolin Schaps; Editing by Dale Hudson)