Jupiter Asset Management has seen changes in its chief executive's remuneration package passed at its latest annual general meeting (AGM) following last year's shareholder revolt on executive pay.
Under the changes, the firm has hiked CEO Maarten Slendebroek's salary from £250,000 to £425,000, an increase of 70%, according to the Financial Times.
The move is amid plans for the asset manager to overhaul its pay policy following a long history of smaller salaries and bigger bonuses compared to its peers.
Slendebroek (pictured) can make up to 425% of his salary in short-term incentives along with a further 375% in long-term incentives, under the new plan, according to the Institutional Shareholders Services (ISS).
In total, the chief executive can receive a maximum of £3.9m a year, the ISS predicted.
At the AGM, 81% of shareholders voted to approve the directors' remuneration policy, meaning 19% voted against.
There had been calls for shareholders to vote against the proposals prior to the meeting with the ISS stating: "The proposals on the annual bonus is very high, and, when combined with the significantly increased salaries, the potential payouts under the new proposals are very generous, or rather, more generous than before," according to the FT.
Last year, the firm was forced to scale back plans to increase Slendebroek's pay by 50% following a revolt from shareholders.
Jupiter had planned to increase Slendebroek's salary from £250,000 to £375,000 but caps would also have been introduced on his long- term and annual awards, with greater emphasis placed on long-term versus short-term reward.
However, two of its top ten investors said they felt the hike was unacceptable in light of the government's focus on scaling back pay increases.
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