Nearly 16% of Helical shareholders have voted against the company’s remuneration report at its annual general meeting yesterday.
The total pay, including share awards, received by chief executive Gerald Kaye for the year to the end of April this year was £2.6m and executive director Matthew Bonning-Snook earned almost as much, more than £2.2m, according to Helical’s annual report.
Their pay was down on the prior year - Kaye received £3.1m during the prior year, before he took over from Mike Slade as chief executive, and Bonning-Snook earned £2.7m.
However, 15.9% of shareholders voted against the remuneration report – a fraction more than did last year and about double the proportion that did the previous year.
In the year to the end of April, Helical delivered growth in EPRA net assets per share of 3.7% and a total portfolio return of 9.4%, but the company’s share price fell sharply in the wake of the EU referendum, partly because of its high exposure to development in London. The shares were trading at almost 400p per share ahead of the Brexit vote and are currently trading just over 300p.
Helical is well known for rewarding its executive directors generously – Slade and Kaye were among the first listed property company directors to be paid more than £1m in the 1990s.
Earlier this week, Helical announced that investment director Duncan Walker had stepped down from the board with immediate effect.