Investors are poised to hit back at oilfield services firm Wood Group over the company's plans to hike its chief executive's pay by 25 per cent, according to reports.
Wood suggested plans to raise Robin Watson's basic salary from £600,000 to £750,000 in a letter to shareholders, the Sunday Times reported. Last year, Watson earned nearly £1.2m, and under the new plans he could make as much as £3.5m.
The company argued in favour of the pay rise because of the increased "size and complexity" of the group following the acquisition, but one top 10 investor told the Sunday Times it would reject the pay package.
A spokesperson for Wood Group said: “The board has done its due diligence and thought hard; these are complex matters. We have just started to inform shareholders and as is Wood’s way, shall listen to their views.”