Melrose holds its annual meeting on Thursday and shareholder lobby group PIRC has recommended that investors vote against Melrose’s remuneration report.

While the pay of chief executive Simon Peckham grew 3 per cent, PIRC said that average employee pay fell by 20 per cent.

Last year Melrose suffered a pay backlash at its AGM, after it emerged that its four top executives received £170 million in salary, pension payments and bonus shares.

Back then, 22 per cent voted against the pay plan and although the total pay packet of its leading executives is down significantly to just £3.1 million this year, it is still expected to attract negative attention.

 

Melrose is likely to pay out much larger bonuses next year when the firm’s long term performance plan kicks in. 

Melrose, which employs 60,908 people, last month came under fire for its decision to shut GKN’s Kings Norton plant.

Rachel Reeves, chairwoman of the House of Commons business committee, said the decision “seriously undermines” Melrose’s commitment to boosting the UK’s industrial base.

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