30 August, 2005

UK : Greene King deals with shareholder revolt over management remuneration

Brewer Greene King PLC is facing a shareholder revolt over directors' remuneration at its annual general meeting this week, Sharewatch informed on August 29.

The Financial Times communicated that shareholder advisory group Pirc is urging investors to vote against a proposed share option scheme for Greene King directors because it sets earnings targets that are below City estimates.

"Although awards are not excessive, the proposed EPS growth performance condition is below current brokers' forecasts and historic performance," Pirc said

Greene King affirmed the scheme has already been backed by its five biggest shareholders, and by the Association of British Insurers. "In advance of setting the scheme up, our top five shareholders and the ABI were consulted and agreed," a Brewer’s spokesman said

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