Scottish transport giant FirstGroup has suffered a mini revolt over its pay awards for top bosses.
Nearly 16% of shareholder votes cast in the ballot on remuneration at the Aberdeen-based firm’s annual general meeting opposed the pay deals.
But all other resolutions voted on at the AGM, held in London, nearly 400 miles from FirstGroup’s Granite City headquarters, secured shareholders’ overwhelming support.
The firm’s largest pay package for the year to March 26 22 – worth nearly £2.25 million – was for former chief executive Matthew Gregory, who stepped down from the board on September 13 2021 but remained an employee until today.
Chief financial officer Ryan Mangold received nearly £1.9m.
Mr Gregory’s successor, Graham Sutherland, has been at the helm since May.
An AGM trading update from FirstGroup, which recently knocked back a £1.2 billion-plus takeover approach from private equity company I Squared Capital Investors, said current trading was in line with expectations.
The FTSE 250 company added: “While some uncertainty remains around the pace of recovery in light of the pandemic and the broader macroeconomic backdrop, we expect the group to make significant further progress in the current financial year.
“In the last financial year we have delivered on our commitment to transform FirstGroup through consistent execution.
“We have simplified and refocused the group through the sale of the North American businesses, unlocked substantial value for shareholders, strengthened the balance sheet and accelerated our sustainability progress, all while continuing to play our part in connecting people and communities.
“With leading positions in bus and rail, FirstGroup is now a resilient and robust platform from which to develop and maximise the opportunities that exist for growth.
“The group has a clear purpose and role to play at the heart of our communities. It is cash-generative, well-capitalised, and able to invest in a low carbon future while supporting progressive dividends to shareholders.”
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