Fulham shore investors serve up fat cat pay revolt: One in five oppose reappointing chairman David Page
Fulham Shore faced a barrage of criticism from shareholders at its annual meeting yesterday.
The owner of the Franco Manca and Real Greek restaurant chains suffered a bloody nose over bosses’ pay and several other rebellions.
One in five shareholders opposed reappointing executive chairman David Page. And more than a fifth voted down re-electing co-founder and company secretary Nick Donaldson.
Pay row: Franco Manca-owner Fulham Shore suffered a bloody nose over bosses’ pay with almost a fifth of shareholders voting against the remuneration report
Almost a fifth voted against the remuneration report, which saw Page take home £350,000 in the year to March, more than double a year earlier.
Managing director Nabil Mankarious was paid £385,000, also more than double the year before.
Shore Capital consumer analyst Bradley Hughes said: ‘This is a reasonable punch on the nose.’
Shareholder advisory firm ISS had recommended abstaining or voting against Page, saying corporate governance under him ‘deviates from best practice’.
ISS also highlighted ‘concern’ about Donaldson, saying he may not be able to commit enough time to Fulham Shore as he is chairman of pizza chain DP Poland.
Fulham Shore said it is ploughing ahead with openings and that trading is ‘resilient’. The shares fell 0.4 per cent, or 0.05p, to 11.2p.