IRN-Bru maker AG Barr has endured a mini-revolt over bosses’ pay at its annual general meeting.
Around one-third (33.53 per cent) of voted shares went against a resolution to approve the directors’ remuneration policy at the soft drinks giant’s AGM in Glasgow on Friday.
A resolution, meanwhile, to receive and approve the annual statement by the chair of the remuneration committee and the directors’ remuneration report for the year ended January 29, 2023, was opposed by 17.4% of voted shares.
All resolutions tabled at the AGM were passed.
The dissent was registered around a year after Cumbernauld-based Barr pledged to “consult and engage” shareholders following a significant rebellion from investors over directors’ pay at its 2022 AGM. That meeting saw 26.7% of the voted shares go against a resolution which asked 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.
Barr responded to the results of the 2022 meeting in September, when it said it had consulted and engaged shareholders who did not support the remuneration report in question. The company said in September: “The primary concern raised related to the structure and performance targets in relation to the 2021 long-term incentive arrangements - these were specific to the exceptional circumstances caused by the Covid pandemic and it is unlikely that they will be repeated.
“The board is grateful to those shareholders who took part in the engagement process and values the feedback provided. The company will continue to engage with its largest shareholders on executive directors' remuneration going forward.”
Barr’s annual report for 2023 showed chief executive Roger White received total remuneration of £1.78 million for the year ended January 29, including total variable pay of £968,000, up from £1.29m the year before. Barr made a profit before tax of £44.4m for the year ended January 29, up 5.2%, on revenue up 18.2% to £317.6m.
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