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Balfour Beatty boss’ bonus rejected

Balfour Beatty construction site. Picture: Newscast/Balfour Beatty

Balfour Beatty construction site. Picture: Newscast/Balfour Beatty

Balfour Beatty

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.

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