Jupiter Asset Management is under fire from its shareholders after attempting to give a lavish pay increase to its boss.
The planned 50 per cent pay rise for Maarten Slendebroek was pulled after a number of institutions objected to it.
Jupiter planned to boost its chief executive's salary from £250,000 to £375,000. The company did, however, intend to cap Slendebroek's potential bonus.
"The plan to cap bonuses was a good idea but when shareholders saw the 50 per cent pay rise there was a backlash," said one of Jupiter's largest shareholders who spoke to the Sunday Times.
The new pay policy was due to be put to a binding shareholder vote at Jupiter's annual meeting on 17 May.
It will now "seek shareholder approval for a limited 12-month extension to its existing policy".