Stobart suffers bloody nose as investors revolt against pay
A campaign by former Stobart boss Andrew Tinkler to oust chief executive Warwick Brady floundered today but a chunk of investors gave the firm a bloody nose in a spat over pay.
Tinkler, who has been engaged in a number of court battles with Stobart over his failed attempt to oust former chairman Iain Ferguson last summer, had called on investors to oppose Brady’s re-election, accusing him of a “clear destruction of shareholder value”.
Nearly 20 per cent of Stobart investors voted against the re-election of remuneration committee chairman John Coombs at Stobart’s annual general meeting today, while just under 18 per cent voted against Stobart’s pay report.
The report recommended that Brady receive a £30m bonus if Southend Airport, which Stobart owns, sold for £2.1bn. There are no current plans to sell the airport.
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However, there have since been changes to the pay report and Brady will now pick up £23m if the airport hits the £2.1bn valuation mark.
Brady’s bonus over the long term has also been capped at 75 per cent of his £457,500 base salary, down from an initial 150 per cent.
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But over 90 per cent of shareholders voted for him to remain in post.
A spokesperson for Stobart said: “We are pleased that all resolutions were passed by a very comfortable margin reflecting broad shareholder support across the AGM agenda.”