Pay revolt puts pressure on PR guru Lord Chadlington
Wednesday 25 June 2014
The public relations veteran Lord Chadlington has suffered a major rebellion over pay and his re-election as chief executive of Huntsworth.
Almost 33 per cent of investors voted against the company's future remuneration policy yesterday and more than 23 per cent rejected last year's remuneration report.
Lord Chadlington received another blow as nearly a third of shareholders failed to back his re-election by abstaining.
The chief operating officer, Sally Withey, failed to win the support of 22 per cent of Huntsworth shareholders. Leaving aside abstensions, Lord Chadlington and Ms Withey received 99 per cent backing.
The revolt is significant by City standards and suggests new chairman Lord Myners has failed to mollify investors.
Lord Chadlington's pay is a source of tension as Huntsworth has struggled to increase revenues in recent years.
He earned £1m last year and could earn £2.2m, including bonus, this year.
His brother is Lord Debden, the former Tory environment secretary John Gummer.
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