Shareholders reject 21st Century Technology pay rises

25th May 2010 14:00

Shareholders in surveillance camera group 21st Century Technology have voted against the company's proposals to award its chief executive and finance boss pay rises.The company, whose cameras are used in public transport in the UK and overseas, proposed a salary of £255,879 for chief executive Nick Grimond for 2009, up from £171,835 the previous year, and £198,093 for finance director Wilson Jennings, up from £142,215 in 2008.It said it was 'disappointed' with the vote against the pay rises. It pointed out that the executives oversaw an 85% increase in operating profit from the previous year.'The basic salaries of the two executive directors have been properly reviewed and benchmarked and are fully in line with the market medians for their respective roles,' said the company.David Voss, chairman of the remuneration committee said that the Grimond and Jennings received bonuses equivalent to 60% and 50% of their respective salaries, in line with 'the lower quartile and median annual maximum bonuses for companies quoted on AIM.'Two other resolutions, related to the allocation of shares, were also defeated.21st Century had issued a bullish update on current trading ahead of the annual meeting. 'The business is trading in line with management expectations for the year and there are significant potential new business opportunities on the horizon both in the UK and mainland Europe,' Grimond was due to say at the annual meeting.'Cash flow remains strong and I am particularly pleased to report that the Group maintains a positive cash position.'