Pay revolt at Afren as nearly 80 per cent of shareholders reject director pay

Shareholders aren't happy at oil company Afren, where nearly 80 per cent have voted to reject pay at the company's AGM, held today.

The only resolution not to be passed, only 20.29 per cent of shareholders voted to "approve the Director's Remuneration Report for the year ended 31 December 2012".

The full details of Afren's AGM results are here.

Afren chairman Egbert Imomoh:

Our remuneration philosophy reflects the need to retain the most able people in a highly competitive talent market and we will provide appropriate rewards for exceptional achievement leading to the long-term increase in Company value.

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