Agricultural and engineering firm Carr's Group is to put a revised remuneration policy to a vote following a shareholder revolt earlier this year.
The Carlisle-headquartered group held a general meeting on May 2 where over 23% of voting shareholders refused to back its remuneration report. In response to the vote, which was passed by the requisite majority, Carr's said the company would "engage with shareholders to fully understand the reasons for this and provide an update within six months".
The remuneration policy for Carr's Group, which was founded in 1831, in 2022/23 was that the maximum annual bonus for executive directors would be 100% of their salaries. At the end of last year, JD Sports avoided a potential revolt over executive pay after its shareholders overwhelmingly backed its new proposals.
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A statement issued to the London Stock Exchange said: "At the recent general meeting of 2 May 2023, the resolution to receive and adopt the directors' remuneration report (resolution five) was passed by the requisite majority, however, 23.32% of votes were cast against. The company has subsequently undertaken an engagement exercise with shareholders to discuss this voting outcome.
"We contacted our eight largest shareholders, representing just over 50% of the shares on our shareholder register. This dialogue was not limited to discussion on the relevant vote, with feedback also being invited on the renewal of our remuneration policy in 2024.
"The limited feedback we received focused entirely on the forthcoming remuneration policy, with shareholders largely seeking confirmation that the proposed remuneration policy fully aligned executive remuneration with the agreed strategy of the company.
"The perspectives of our major shareholders are a valued and welcome input into the committee's deliberations, and we would like to thank shareholders for engaging with us over this matter. The committee will now present the revised remuneration policy to all shareholders for approval at the 2024 annual general meeting."