At Kier鈥檚 annual; general meeting on Friday nearly 54% of shareholders voted against the resolution to approve the directors鈥� remuneration report.
Kier chief executive is on a basic salary of 拢595,000 a year, plus 7.5% pension and a bonus of up to 拢743,000. His package also includes share options and long term incentives.
Kier鈥檚 share price has dropped from around 拢8 a share a year ago to a low of 58 pence in the summer. The company made a pre-tax loss of 拢245m for the year to June 2019. A new chief executive, Andrew Davies, joined in April to sort out the company鈥檚 financial problems.
Kier said that it was talking to its major shareholders regarding their concerns about the board鈥檚 remuneration policies,
It said after the AGM: 鈥淭he remuneration committee will engage further with the Company's shareholders and the proxy advisers to understand their views and to decide how to address them. In addition, the remuneration committee will consult with shareholders when reviewing the company's remuneration policy, which shareholders will be asked to approve at the 2020 AGM.鈥�
It added:聽鈥淭he company will publish an update within the next six months on the views it has received from shareholders and the actions it has taken, or proposes to take, in response.鈥�
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