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Thu 12th May 2016 - More than quarter of The Restaurant Group shareholders vote against directors’ remuneration report
More than quarter of The Restaurant Group shareholders vote against directors’ remuneration report: More than a quarter of The Restaurant Group shareholders voted against the directors’ remunerations report at the company’s annual general meeting held today (Thursday, 12 May). A total of 37,145,533 (26.83%) of votes were received against the resolution out of a total of 138,440,261 that were cast. The company said it understood this was due to concerns in respect of the termination arrangements for outgoing chairman Alan Jackson and the level of the executive director annual bonus awards for last year. According to the company’s annual report for 2015, Jackson received remuneration totalling £403,000, consisting of £338,000 in salary and fees and £65,000 in taxable benefits. This was compared with a total of £371,000 the previous year. Meanwhile, chief executive Danny Breithaupt saw his annual bonus leap from £169,000 in 2014 to £495,000 in 2015. He received total remuneration of £1,624,000, which also included £480,000 in salary and fees, £27,000 in taxable benefits, £111,000 pension and £503,000 in long-term incentives. At the AGM, all members of the board were re-elected and received backing from 99% of shareholders with the exception of Breithaupt who secured 94.24% of the vote. The company stated: “The company notes the significant number of votes cast against resolution two, the advisory vote on the directors’ remuneration report. The company understands that this reflects the concerns of a number of investors in respect of the termination arrangements for (outgoing chairman) Alan Jackson and the level of the executive director annual bonus awards for 2015. The remuneration committee will carry out a detailed review of all of the feedback received to understand fully all of the reasons behind the vote result so that it can reflect, where appropriate, in its approach going forward.”


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