Just over 20% of shareholders at last week’s Countrywide AGM voted against the remuneration report.
The report reveals that CEO Alison Platt is on a basic salary of £575,000 while finance director Jim Clark is on a basic of £340,000.
However, the basics represent 28% and 30% respectively of what each could potentially earn this year.
Both also have shares in the company, awarded under an incentive plan, are on 12-month notice periods, and both are entitled to pension contributions and benefits, with a maximum bonus potential of 120% of annual salary.
In total, Platt could earn some £2.5m this year.
The outgoing chairman, Grenville Turner, is on a basic of £150,000 and his successor, Peter Long, is on a basic of £180,000.
The Countrywide shareholders unhappy with the remuneration report were among a wave of rebel investors dissatisfied with the packages that many industry bosses are earning.
Comments (2)
I wonder if investors are concerned about all the radical changes and acquisitions that have been made by Ms Platt and her directors over the last 12 months – yet to be seen if this was a touch of genius or madness. Recent trumpeting about results for the last three months isn’t going to reassure anyone – all traditional agents have had a good start this year thanks in part to George Osbourne’s three card trick with second home purchases.
2.5 million per year and the poor negs are lucky if they have a basic of 15k