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Investors urged to vote down M&B plan

Wed, 2010-07-28

Daily Mail

A second investor group has advised shareholders to protest against executive pay at All Bar One owner Mitchells & Butlers.

Pirc warned against supporting a controversial long-term incentive scheme stating 'there is in our opinion significant scope for excessive awards to be made'.

M&B, which has lurched from crisis to crisis over the past three years, needs shareholders to back the scheme at a specially convened meeting tomorrow.

While the payouts are to be staggered over a number of years if targets are met, the scheme is unusual in that it will cease after just one year.

The company (down 4.8p at 316.1p) will have to introduce a new rewards plan the following year.

Corporate governance groups say schemes that run for a longer period are most effective in incentivising directors.

The Association of British Insurers has already issued an 'amber top' warning. It has urged its members to think carefully about backing M&B's pay proposals.