LONDON (ShareCast) - Argos owner Home Retail (LSE: HOME.L - news) suffered a major revolt over a new director remuneration package
at its AGM today, with 35.6% of shareholders voting against the deal.
The scheme, which could see senior management receive bonuses of more than 150% of their salaries, had been slammed by the Association of British Insurers, which last week issued it severest warning - a "red top" - about the scheme.
Home Retail's rebellion marks a further hardening of attitudes among institutions over executive pay awards seen as far too generous or with easy to hit targets.
Some 60% of shareholders rejected Royal Dutch Shell (Amsterdam: RDSA.AS - news) 's executive bonus scheme in a non-binding vote, while significant votes were also cast against schemes at BP, Next, Provident Financial, and Xstrata (LSE: XTA.L - news) .
Home Retail's remuneration committee is chaired by Andy Hornby, the former chief executive of HBOS and newly appointed chief executive of Alliance Boots (LSE: AB.L - news) . Home retail lost nearly £400m last year.
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