Future, the UK’s biggest magazine publisher, home to titles from Country Life and Total Guitar, is to introduce a controversial bonus scheme that could award its chief executive £40m, after a bruising shareholder vote in which almost 40% of investors failed to approve the plan.
The board of Future, which in November struck a £594m deal to buy the comparison site GoCompare, weathered the shareholder revolt at its annual general meeting on Wednesday after a number of influential advisory services recommended investors voted to reject the new scheme.
Almost 40% of shareholders voted against or withheld their vote, while the same proportion failed to back Future’s remuneration report for last year, which awarded the chief executive, Zillah Byng-Thorne, a £3.7m overall package and a 21% pay rise to £575,000. Read more…..
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The Bank of England says the UK economy is in for another tough few months but it believes that the impact of coronavirus restrictions will not be as bad as last year’s lockdown and the rollout of vaccines will help the economy bounce back.