Monday 28 October 2019 4:29 pm

Hammerson consults shareholders over executive pay concerns

Property developer Hammerson is continuing to consult shareholders after two resolutions, including its remuneration report, faced investor backlash at the company’s latest annual meeting. 

The shopping centre landlord, which owns Birmingham’s Bullring, said that the remuneration report was approved by shareholders, but noted that 29.7 per cent of the votes were against the policy. 

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Ahead of the meeting in May this year, shareholder advisory groups urged investors to reject the report due to concerns over stock awards and bonuses paid out to the developer’s executives. 

“A consultation with major shareholders and voting advisory agencies on the proposed remuneration policy is underway to ensure that executive reward continues to be aligned with shareholder interests,” the company said in a statement today. 

The resolution to allow Hammerson the authority to allot shares also passed with a majority, however 30.2 per cent of votes received were against.

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“The board is aware…that certain overseas institutional investors have a policy of not supporting this authority for the directors to issue shares,” the company said today. 

However, the firm added that it “considers the flexibility afforded by this authority to be in the best interests of the company and shareholders”.

Main image credit: Getty