Private equity organisation 3i Group, which owns organisations such as fashion retailer Hobbs, has proposed to change its executive director’s pay policy following shareholder discontent.
It made the move following a revolt by concerned shareholders held at 3i Group’s annual general meeting (AGM) after it announced it intended to change the length of time over which its long-term incentive awards are released to executive directors.
More than a third of the organisation’s shareholders failed to support this change in its remuneration report.
Sir Adrian Montague, chairman of 3i Group, said that the organisation has proposed to revert to its original vesting schedule following discussions with a few shareholders.