FirstGroup shareholders have issued a warning to the transport giant over executive pay with a 25 per cent vote against the group's awards last year.

Chief executive Tim O'Toole's 86 per cent rise on last year to almost £2million had provoked opposition from 3 per cent shareholder Sandell and governance groups. Chairman John McFarlane said the remuneration committee under new chairman Imelda Walsh would carry out a review of remuneration policy, which attracted a protest vote of 11 per cent.

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