UK fintech vendor Misys saw executives face a rough ride at its recent annual general meeting, with over a third of shareholders voting against their pay plan.
According to the Independent, 37% of votes at the AGM were cast against the remuneration report, compared to just 1.4% the previous year. Only four per cent of firms saw such strong opposition last year.
Shareholder group Pirc told the Independent that the package is "wholly excessive". It argues that chief executive Mike Lawrie and finance director Stephen Wilson received over-the-top rewards last year, earning bonuses of 190% and 147% of their respective salaries.
Misys though says it is sticking to the plan having "consulted widely with shareholders" and received approval from a clear majority.
In August Misys saw a prospective takeover by US vendor FIS fall through after telling its suitor that a bid in the range of £1.4 billion "materially undervalues" it.
Software group Misys rocked by shareholder revolt over pay - Independent