Protest at Afren as 80 per cent of investors reject board pay package

Suzie Neuwirth
NEARLY 80 per cent of Afren shareholders voted against proposed management pay at the Africa-focused oil producer’s annual meeting yesterday.

It is understood that the main point of contention was additional bonuses for operational success, which were to be awarded to the senior executives.

“We have been sent a clear message by our shareholders and are committed to ensuring that the results are very different at next year’s AGM,” said non-executive chairman Egbert Imomoh.

The vote makes Afren the first British listed company to lose a vote on its remuneration report twice, a spokesman at Shareholder advisory firm Pirc, which opposed the report, said.

In 2011, 52 per cent of shareholder votes were against approving the report.