Premier Farnell investors hit out at exec pay

NEARLY a third of shareholders rebelled over pay at electronic parts distributor Premier Farnell yesterday amid concerns about directors’ performance targets.

The firm said 32.1 per cent of its shareholders voted against the remuneration report at its annual general meeting.

Investors expressed frustration over the use of two six-monthly performance targets for the 2012-13 financial year. The criteria were designed to reflect the lack of visibility over future sales, with more than 99 per cent of orders having to be satisfied within 24 hours.

The vote comes amid falling profits at Premier Farnell, whose chief executive Harriet Green is to move to Thomas Cook in July. Premier said no bonuses were paid to directors in the year and said it would contact investors who voted against the pay report.
Shares in the FTSE 250-listed firm closed down 1.8 per cent at 156.4p, down from a 220p peak at the start of May.