By Scott Wright
IRN-BRU maker AG Barr has promised to “consult and engage” shareholders after it was hit by a significant rebellion from investors over directors’ pay at its annual general meeting in Glasgow yesterday.
More than 25 per cent (26.7%) of the voted shares went against a resolution asking shareholders to approve the annual statement by the chairman of the remuneration committee, and the directors’ remuneration report for the year ended January 30, 2022.
The remuneration report, which was published on April 26, shows that AG Barr chief executive Roger White received a total of £1.29 million for the period, up 82 per cent on the year before. His pay included a salary of £487,000 and a bonus of £599,000.
Mr White’s remuneration surged in a year that saw the company achieve profits in excess of pre-Covid levels.
Cumbernauld-based AG Barr, which can trace its roots back to 1875, reported a pre-tax profit of £41.5m for the 53 weeks ended January 30, up 26.5% on the year before, on revenue up 18.3% to £268.6m.
Barr notes in the remuneration report that its executive directors had been “set stretching targets for profit before tax, which account for 80% of bonus opportunity for each sector”
Mr White was paid a total of £710,000 the year before, which coincided with the start of the pandemic, when he did not receive a bonus.
AG Barr said last night: “The board notes the minority vote against resolution 2 (the approval of the directors’ remuneration report).
“We will consult and engage with relevant shareholders to understand their views and will provide an update within six months as required by the UK Corporate Governance Code.”
All of the resolutions tabled at the AGM were passed.
Shares in AG Barr closed down 8p, or 1.44%, at 546p.
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