By Scott Wright

BOSSES at Irn-Bru maker AG Barr have suffered a mini-revolt over its new remuneration policy at the company’s annual meeting.

Nearly nine per cent of the voted shares went against the policy, which increases the amounts executive directors of the Scottish soft drinks giant can potentially earn as an annual bonus and under its long-term incentive plan (LTIP).

The new policy increases the maximum annual bonus to 125% of base salary for the year ended January 30, 2021, up from the current 100%.

It also introduces a mandatory bonus deferral into shares for two years of 20% of any bonus earned, AG Barr explains in its most recent annual report.

The policy makes changes to the company’s LTIP, which has now been linked to a second performance measure, total shareholder return, alongside earnings per share, following a review by the remuneration committee.

The “normal” maximum LTIP opportunity has been increased to 150% of base salary from the previous 125%. A two-year vesting period for the entire vesting award has also been introduced, where an executive director’s actual shareholding is less than 300% of base salary.

In AG Barr’s annual report, which was published in April, the company reflects on the decision to not award any salary increases across the group in light of the coronavirus crisis.

Social distancing measures imposed because of the crisis meant AG Barr’s annual meeting took place behind closed doors at the company’s headquarters in Cumbernauld.

All resolutions tabled were passed by the requisite majority.

Shares in AG Barr closed up 2.7%, or 12p, at 459p last night.