A CORPORATE governance watchdog has urged shareholders to vote against the remuneration report of Aberdeen Asset Management, branding the variable pay awarded to chief executive Martin Gilbert as “excessive”.

Recommending that shareholders oppose the policy at the investment house’s annual meeting next month, PIRC (Payment & Investment Research Consultants) noted that Mr Gilbert’s variable pay for the year is 400 per cent of salary, “which is considered excessive”.

“The ratio of CEO to average employee pay is also considered inappropriate at 29:1,” added PIRC. Mr Gilbert’s overall pay packet dropped to £2.8 million in the year to September 30, down from £4.3m, with variable pay down to £2.3m from £3.8m.

Other groups such as ISS and Glass Lewis recommend support for the pay policy.