Aveva hit by shareholder spring as 35pc vote against pay deal

IN A sign that shareholder unease over executive pay dubbed the “shareholder spring” is continuing, software maker Aveva yesterday saw over a third of its shareholders vote against approval of the directors’ remuneration report at its AGM.

While the remuneration report was easily passed with 65.52 per cent in favour, versus 34.47 per cent against, it is yet another example of the backlash over pay that has cost some executives such as Aviva boss Andrew Moss, and Sly Bailey, head of newspaper group Trinity Mirror, their jobs.

The vote came after Aveva, which provides engineering data and design information technology systems, said earlier yesterday it was trading in line with expectations.

It said the oil & gas sector has remained resilient, offsetting a slowing of demand elsewhere.

The power business was also strong but the maritime division is suffering, the company said.

The engineering & design systems division demand from the engineering contractors is helping to drive continued growth. The firm said that whilst the majority of rental contracts renew in the second half of the fiscal year, it has seen no change in customer preference for the rental model during the period.

The group continues to be cash generative and has a strong balance sheet.

Latin America and North America continue to perform in line with its expectations, it said. In Asia Pacific, the China business is fully operational and the other areas continue to perform well.”