Source: Sharecast
At a general meeting held to approve the Wagamama owner's pay plan 36.8% of votes opposed the remuneration policy and 36.6% rejected the company's restricted pay plan.
After Hornby, the former boss of failed bank HBOS, waived his 2019 bonus and took a pay cut during the Covid-19 crisis, Restaurant Group proposed paying him a fixed sum on top of his £630,000 salary. Under the plan he could have made £1.3m in 2020 and £2.2m in 2021, according to reports.
The hospitality business is in a state of crisis caused by the Covid-19 pandemic. Hornby's company has cut more than 4,500 jobs and closed about 250 of its 650 pubs and restaurants, which also include Frankie & Benny's. Investors are taking a tough line on pay with companies that cut jobs and dividends and accept government support during the crisis.
Glass Lewis, a shareholder advisory group, said before the meeting it had "severe reservations" about Hornby's 2020 pay package given the tough time experienced by the company's workforce and shareholders.
Debbie Hewitt, Restaurant Group's chairman, said: "We are pleased that the majority of our shareholders have approved the new policy and restricted share plan. We recognise that some shareholders did not support the proposal. We will continue engaging with our shareholders in the coming months."