Mitchells & Butlers, the owner of All Bar One and Toby Carvery, has been dealt a blow by shareholders against executive pay plans and corporate governance.
Nearly a fifth of investors – 17.5 per cent – opposed the pub chain’s remuneration policy at today’s annual general meeting.
Meanwhile, around a quarter of shareholders opposed the reelection of chairman Bob Ivell and deputy chairman Ron Robson, who received votes against them of 24.76 per cent and 25.85 per cent respectively.
Mitchells & Butlers new remuneration policy included proposals to replace the existing long-term incentive plan with a restricted share plan.
Two of the pub chain’s non-executive directors also faced investor backlash.
In total, 28.08 per cent opposed the re-election of Eddie Irwin and 23.34 per cent attempted to block the reelection of Josh Levy.
In a statement this afternoon, Mitchells & Butlers said it “notes the level of votes” against the board members.
It said: “The UK Corporate Governance Code contains best practice recommendations in relation to corporate governance yet acknowledges that, in individual cases, these will not all necessarily be appropriate for particular companies.”