The board of AstraZeneca was left with a bloody nose after nearly 40 per cent of voting shareholders opposed the company's executive pay packets.
The non-binding vote on the pharma giant's remuneration report was taken at its AGM on Thursday and represents one of the largest revolts against a UK firm so far this year.
However, while 38.83 per cent of voting shareholders opposed the 2016 pay report, less than four per cent voted against the directors' remuneration policy; in other words, how their pay will be calculated in years to come.
Pascal Soriot, AstraZeneca's chief executive, received £13.4m in total during 2016. His pay packet, constituting salary, bonus, long-term incentives and other benefits, was 68 per cent higher than the previous year.
A spokesperson for AstraZeneca told Bloomberg the pharmaceutical giant had made changes to its long-term incentive programme based on shareholder feedback, and had also consulted investors about its pay policy more broadly.