Purplebricks faces shareholder revolt on Thursday during AGM

first_imgHome » News » Agencies & People » Purplebricks faces shareholder revolt on Thursday during AGM previous nextAgencies & PeoplePurplebricks faces shareholder revolt on Thursday during AGMCity advisory firm says firm’s bonus scheme for its directors is too generous and should be voted down at the AGM this week.Nigel Lewis30th September 201901,220 Views A shareholder revolt is looming for Purplebricks after a leading City advisory service revealed it was unhappy at the generous bonus scheme rewarded to its directors.London-based advisory service Institutional Investor Services (ISS) has urged stockholders to vote against the financial section of Purplebricks’ 2019 Annual Report, which was due to be rubber stamped on Thursday this week at the offices of its City PR firm Buchanan Communications on Cheapside.ISS says it is unhappy that the company’s performance share plans for its senior directors are not tied closely enough to “performance hurdles” and vest too soon.Purplebricks released a statement to the media over the weekend rebutting the claims by ISS, saying that the hybrid agency needed to “attract and retain” the best-quality individuals and that its executives are “not especially well paid”.Axel SpringerPurplebricks’ investors have been quiet so far about their voting intentions on Thursday, including major players such as Axel Springer, Woodford Investments, Meridian Global Investors and Paul Pindar, who helped finance the firm during its early start-up phase.How the City reacts to the announcement to the news of a potential investor revolt will be revealed during today’s share trading.The Purplebricks share price has been recovering in recent weeks after crashing to an all-time low of 90p a share in May. On Friday it closed at £1.11 a share but still a fifth of its peak 2017 price of £5.13.Property industry PLCs have witnessed several shareholder revolts including, recently, Foxtons and Countrywide.purplebricks agm purplebricks annual report directors bonus schemes directors remuneration Purplebricks Countrywide Foxtons September 30, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more