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Shareholders say no to Cairn executive pay
OIL explorer Cairn yesterday became the latest firm to suffer a defeat on executive pay as 67 per cent of investors voted against the firm’s remuneration report
But because the poll is non-binding it seems that the board are set to push ahead with the payouts – despite being hit by one of the largest ever shareholder rebellions on directors’ pay.
“We have taken on board and acknowledge the way shareholders have cast their proxy votes on remuneration,” Jackie Shepherd, head of the firm’s remuneration committee, said in a statement.
Cairn’s share price has dropped by 72 per cent in the last year and in January exasperated investors forced the board to abandon a plan to give chairman and founder Bill Gammell share options worth £2.5m.