The Financial Times is reporting that a shareholders’ rebellion may be on the cards at Foxtons as some with a stake in the company argue against the pay package of chief executive Nic Budden.
The newspaper says Budden has been awarded a 19 per cent rise in basic pay to £550,000 a year from January and his bonus has been increased to a potential maximum of 150 per cent of salary from its current 125 per cent.
This is despite a long-term slump in Foxtons’ share price.
“Institutional Shareholder Services, which represents at least 20 per cent of UK stock market investors, and rival advisers Glass Lewis are recommending their clients vote against the remuneration report at Foxtons’ annual general meeting on May 18” says the FT.
Another proxy adviser, the Pension & Investment Research Consultants, has advised abstaining.
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Good on them! Would do the tarnished Foxtons brand the power of good as well.
Why should he get a pay rise when Foxtons are likely to be shedding staff and branches as the London house price crash continues.
The Foxton share price is falling so much as investors are shorting the Foxton shares as they don't thinks the company is viable with the fall in house prices as the bubble deflates. There move to the suburbs is too late to save them as the prices will shortly start falling there like central London as the price falls ripple out.
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