Highly paid bosses at Foxtons look set to have their earnings packages trimmed after a number of shareholders objected to the firm’s remuneration policy.

Yesterday afternoon, it was announced that the chair of Foxtons’ remuneration committee has stepped down with immediate effect, 24 hours after it was announced that there would be a new remuneration policy.

The original remuneration report back in May recommended pay for CEO Nic Budden of £1.74m and £779,000 for chief financial officer Mark Berry on the basis that Foxtons achieves “maximum performance”.

At the AGM, the policy was put to shareholders for their approval. It was passed, but only by 78%.

Noting objections of the dissenting shareholders, Foxtons has now said it has conducted a detailed review, and that a new policy will be submitted to shareholders at next year’s AGM.

It has given no details of likely changes, but has said that it has looked in particular at bonuses which are paid on personal performances despite financial targets not being reached.

Foxtons told the London Stock Exchange on Tuesday that it will shortly be consulting with all major shareholders to get their input on the new remuneration policy before it is finalised.

Yesterday, Foxtons told the Stock Exchange that the chair of its remuneration committee has stepped down. The statement said that Sheena Mackay has more demands on her executive responsibilities at Smiths Group. However, she stays on as a member of the Foxtons board and its committees.

The new chair of the remuneration committee is Alan Giles, a non-executive director.

Foxtons last reported that in the three months to September, its revenue was down 7% to £32.5m, with total revenue to date standing at £88.1m, down 5% on the same period last year.

Yesterday, Foxtons’ shares finished the day 2% up at 69p.