Some 55 per cent of voters at the Newcastle meeting vetoed the resolution for Dickinson to receive £2.98m – about six times his salary.
Dickinson stepped down in October due to ill health, and half of the proposed payment revolves around a legal claim related to this.
Chairman Robin Broadhurst said the proposal was for Dickinson to receive £493,000 in lieu of one year’s salary, £992,521 for “accrued but unpaid” bonuses over past years and £1.5m “to compromise potential litigation arising from his departure for reasons of ill health”.
The company, which took legal advice over the golden goodbye, noted it was advisory vote only, but said it took the concerns seriously.
The firm said it was back in the hunt for new property after shoring up its finances and observing signs of stability in the housing market.
Grainger said its acquisition pipeline grew to £8.6m in the four months to 31 January following completion of a 2-for-1 rights issue which raised £237m in December.
Although encouraged by activity in Britain’s housing market, Grainger said it would remain cautious in its approach to new buys.