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Amec board's pay too much

THE furore over City pay hit another company last night, as over half of investors at engineering group Amec refused to back the company&rsquo;s remuneration report.<br /><br />Around 40 per cent of its&nbsp;shareholders opposed the report on directors salaries and bonus plans, while 13 per cent abstained.<br /><br />Amec wanted to give its chief executive Samir Brikho a further 14 per cent pay rise, after a 41 per cent pay increase to &pound;675,000 last year.<br /><br />He&rsquo;s set to receive &pound;750,000 this year.<br /><br />Before the shareholder meeting, The Association of British Insurers (ABI) had issued an &ldquo;amber top&rdquo; alert on Amec, and said that Brikho&rsquo;s raise could be cause for concern.<br /><br />The ABI does not tell shareholders which way to cast their vote.<br /><br />The shareholder rejection is the latest in a series of assaults on companies who seek to reward their executives with potentially excessive bonuses, not reflective of company performance.<br /><br />Sub-prime lender Provident Financial&rsquo;s remuneration report was rejected by over half&nbsp;of investors earlier this month.<br /><br />Meanwhile, around a third of mining group Xstrata&rsquo;s shareholders rejected the companies pay report.