At the beginning of the month the company, which includes brands such as Hamptons and Bairstow Eves, announced a new capital refinancing plan and published two remuneration-related resolutions for its AGM at the end of August. These related to proposals to establish the Countrywide absolute growth plan (AGP).

In a regulatory statement Countrywide has said that while it has support from both existing and new shareholders in relation to the raising of £140m of additional equity, shareholders opposed its plans for a new remuneration scheme which have now been withdrawn and will not be voted on at the AGM.

The AGP proposals were set to overhaul bonus targets for senior managers include a new share performance plan. This reportedly stated that if Countrywide’s market capitalisation increased at a compound annual rate of at least 15% a year between the share issue and December 2021, senior management would get a payout of 10% of any value above that bar in the form of shares, up to a cap of 5% of the total value created.

Countrywide said: ‘The consultation meetings on remuneration with the major shareholders have been both constructive and supportive.  There has been agreement that the proposals focus on rebuilding shareholder value as well as discussion as to whether that is sufficient to merit moving from the existing remuneration policy. 

‘Taking these factors into consideration, the board has decided that the directors' remuneration policy should not be amended and that the group's existing remuneration policy and long-term incentive arrangements as approved by shareholders at the company’s annual general meeting held in 2017 will remain in place.’

Analysis suggested Peter Long, Countrywide’s chairman, might have seen a £6m pay hike via the new scheme.

Report by Pat Sweet