Balfour Beatty boss’ bonus rejected
Balfour Beatty shareholders have flexed their muscles against the construction company’s board after rejecting its remuneration policy.
More than 20% of shareholders voted against a proposal to bump its boss’ annual bonus up to 150% of his salary from 120% at the company’s AGM on Thursday.
Institutional Shareholder Services had recommended investors vote against the pay policy, calling the level of increase for chief executive Leo Quinn “inappropriate”.
A total of 22.82% of shareholders rejected the remuneration proposal.
In a report of the AGM poll results published on its website, Balfour Beatty, which has a regional office in Swaffham, said: “The group... believes the remuneration policy changes are necessary, appropriate and in their best interests.”
The group’s pre-tax profits for the year ending December 31 2015, its last filed accounts, were £212m, up from a £157m loss in 2014.