RS Group suffers one of the biggest ‘fat cat’ pay revolts this year as 38% of shareholders vote against executive salaries
Outcry: 38% of RS Group shareholders voted against the component supplier’s executive pay report
RS Group has suffered one of the biggest ‘fat cat’ pay revolts this year.
In a huge rebellion, 38 per cent of shareholders yesterday voted against the electronic component supplier’s executive pay report. It is the latest blow to the company, whose finance director David Egan quit over a relationship with a colleague.
Egan had only just finished serving a six-month spell as acting chief executive following the departure last year of Lindsley Ruth ‘for personal reasons’. The pay revolt at the firm once known as Electrocomponents, follows a similar backlash last year.
Shareholders object to a bonus plan ‘Journey to Greatness’, which could pay out 750 per cent of salary on top of existing incentives. Last year Egan and Ruth earned £3.4million between them.
Recent significant pay revolts have occurrred at housebuilder Vistry, online grocer Ocado and fashion giant Boohoo.