More than 10 per cent of shareholders in Melrose Resources yesterday opposed the Edinburgh-based oil and gas firm’s executive pay plans.
The group, which held its annual meeting yesterday, said 89.2 per cent of proxy votes were in favour of its remuneration report, which saw chief executive David Thomas take home a total of £630,000 in salary and bonuses in 2011, up from £575,000 a year earlier.
Executive chairman Robert Adair, who owns just over 50 per cent of Melrose through his Skye Investments vehicle, was re-elected with 95 per cent in favour, although 4 per cent of votes were withheld. Adair received a total remuneration package of £478,000 last year, up from £436,000 in 2010.
There was also a sizeable opposition to the re-election of non-executive deputy chairman Anthony Richmond-Watson, with 9.3 per cent of votes against. A further 1.3 per cent of votes were withheld.
