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BT revolt over boss payoff | City & Business | Finance

More than 34 percent of votes were cast against the remuneration report at its AGM in Edinburgh, which included the payout for Patterson.

His £1.3million bonus on top of a £997,000 basic salary drew criticism because the company had admitted a “need for change” at the top following a disappointing financial and share price performance.

BT, which argued it aimed to ensure pay was performance linked, will be placed on a register of firms in which over 20 per cent of shareholder votes have gone against a resolution.

BT said: “We are naturally disappointed with the lower level of support received for our remuneration report for the year ending 31 March 2018.

“During the remainder of 2018 we will engage further with our shareholders and proxy advisers to understand in full detail the reasons for their concerns and whether we should consider any changes to our longer-term approach to remuneration.”

Shareholder advisers Pirc said: “The company’s recent poor share performance, the decision to cut 13,000 jobs in order to deal with losses and the losses brought about by BT Italy’s accounting practices are not reflected in the CEO’s remuneration.”

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