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Kier chief slammed more than 70% pay rise: Half of shareholders vote against directors’ pay report that sees Andrew Davies inflation-slowing increase
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Construction giant Kier has faced a brutal backlash from investors over its CEO’s salary.
Nearly half of shareholders on Thursday voted against the directors’ pay report, which gave Andrew Davies an inflationary 70 percent increase.
His total salary rose from £1.32 million to £2.24 million in the last financial year, including a bonus of £739,000.
Control: It’s Kier’s second consecutive shareholder revolt, with more than a quarter of his investors voting against his pay proposals last year
The uprising follows comments from Prime Minister Rishi Sunak, who last week urged fat bosses to moderate their financial rewards amid the cost-of-living crisis. He said, “I would say to executives in a time like this to embrace wage moderation and make sure they look after all of their employees as well.”
It is Kier’s second consecutive shareholder revolt. More than a quarter of his investors voted against his wage proposals last year.
But the 44 percent of the vote at the last annual general meeting made it one of the most important uprisings this year – and will put it on the Investment Association’s ‘list of embarrassment’ again.
Excessive pay has sparked anger in recent months – a theme likely to intensify as the UK recession deepens.
At equipment rental group Ashtead, nearly a third of investors voted against CEO Brendan Horgan’s £6.6m package.
Kier’s share price has fallen by almost half over the past year and the company is now worth £283 million.
A company spokesperson said the “remuneration committee will consider carefully” the points raised and will issue an update within six months.