Berkeley shareholders vote against GBP 1.2m payment to chief executive

From: The Scotsman | Date: August 23, 2003| Author: | Copyright information

HOUSEBUILDER Berkeley suffered an executive pay revolt yesterday as almost half the votes polled by shareholders refused to back its remuneration report.

Just over 44 million shares - equivalent to 47 per cent of the company - went against Berkeley, with 50 million going the way of the group at its AGM in Cobham, Surrey.

The row was sparked by Berkeley's controversial decision to award chief executive Tony Pidgley GBP 1.2 million from its long-term investment plan even though he was not part of the scheme.

The company said the situation arose through an administrative error which saw ...

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