In a further sign that investor rebellion over executive pay packages is gathering pace, over a quarter of the shareholders in FTSE 250 technology company Inmarsat have voted against its remuneration report
At the satellite specialist’s AGM, about 28% of shareholders directly voted against its remuneration report, with 7% more withholding votes. This marks the third time in recent years that Inmarsat has come under fire over pay arrangements.
In 2013, 36% of investors voted against a £1.4m pay deal for non-executive chairman Andrew Sukawaty, and in 2012 40% of shareholders voted against his pay.
Sukawaty earned £3.9m last year, including a £1.2m long-term incentive plan payment and a further £1.1m in bonus shares. He could receive a further £1.2m in shares next year. Rupert Pearce, who took over as chief executive from Sukawaty in 2011, was paid £2.4m.
An Inmarsat spokesman said that investors had approved remuneration policies last year, with 94% in favour.
