Shareholders oppose exec pay rise

13th May 2010 17:51

SIG shareholders have revolted against the pay rise for its directors, while ceramics firm Cookson also saw opposition to its executive pay schemes.Building products SIG said it noted "with disappointment" that 66.7% of the shareholders voted against the approval of the Remuneration Report, with the majority of the vote against the salary increase of chief executive Chris Davies.Cookson meanwhile saw a narrow victory for its executive pay, with only 50.98% in favour and 32.12% against.After the SIG vote, Chairman Les Tench said: "I believe the majority of the negative vote relates to the increase in our Chief Executive Chris Davies's salary following a very difficult year for SIG when profits reduced and when we raised capital via an equity issue.Tench said the Remuneration Committee was unanimous that the increase, which was deferred at Davies's own request from the prior year, was "fully justified, adding that his performance had been "instrumental in SIG's improving outlook"."I and the Remuneration Committee strongly believe that the new salary is not excessive. However, I recognise the strength of Shareholder opinion on this issue and intend to consult further with our Shareholders to understand their concerns fully," added Tench.