The Man Group, the London-based publicly traded hedge fund, yesterday faced an investor rebellion over pay.
Fifteen per cent shareholders failed to back Man's remuneration report as the group’s shares shed another $1 billion (around £617m) in the first three months of 2012.
Chief Executive Peter Clarke, who has been given nine months by impatient shareholders to turn the ship around, pocketed up a $1 million in salary and $2 million in bonus & deferred shares for last year, along with $4 million in shares to be awarded depending on the group’s performance.
Shares in the Man Group shed 60 per cent of their market value over the past six months, but shareholders seemed to support Mr. Clarke for the time being as 99 per cent of investors voted for his reappointment.
When contacted, Clarke said, “I do not feel our shareholders do anything other than support existing management, as witnessed by the proxy votes.”
But, investors openly criticized non-executive director Alison Carnwath, who also faced an investor revolt previous week over her role in approving Barclays CEO Bob Diamond's pay package of £17.7 million.
Around a third (32.6 per cent) of investors failed to back Carnwath’s reappointment.