Home Retail Group fights off an investor rebellion over exec pay

HOME Retail Group, the owner of Argos and Homebase, yesterday saw off an investor rebellion over proposed changes to pay plans at its annual shareholders meeting.<br /><br />A resolution to approve a new executive bonus scheme, which will see some managers paid up to 150 per cent of their salaries in cash, was passed.<br /><br />However, 35.7 per cent of votes cast, representing some 194m shares, went against the motion, while holders of a further 44.1m shares abstained.<br /><br />The Association of British Insurers (ABI), whose members control around 15 per cent of shares traded on the London Stock Exchange, last week issued a &ldquo;red top&rdquo; alert on the scheme as part of a widespread crackdown on excessive pay packages. A red alert signals its highest level of concern.