Foxtons could be the latest company to face a shareholder rebellion over remuneration.

The firm has awarded chief executive Nic Budden a rise in basic pay from £461,250 last year to £550,000.

It has also raised the maximum bonus he can earn from 125% of basic salary to 150%.

However, two City advisers have recommended that their investor clients vote against the remuneration report at next week’s Foxtons AGM on May 18.

A third firm has advised investors to abstain.

Foxtons announced the pay rise in its annual report in which it noted that while “an increase of this magnitude is unusual”, Foxtons had “identified a need to significantly improve the competitiveness of its CEO remuneration”.

It said that since Budden took over in 2014, he had shown strong leadership.

Last year, Foxtons had revenue of £149.8m, up 4.1% on the previous year, but with a 2.6% drop in pre-tax profits.

Average revenue per branch was £2,748,000, down from £3,030,000 in 2014.

Last month, 20% of Countrywide shareholders voted against its remuneration report which gives chief executive Alison Platt the potential to earn a maximum of £2.5m this year.

By contrast, Budden last year received a total pay package of £865,000.