Investors in pay revolt at AstraZeneca

The company saw almost 16 per cent of investors vote against its remuneration report

The company fended off a £69bn bid from US rival Pfizer last year (Getty Images)

The pharmaceutical giant AstraZeneca was hit by a pay revolt yesterday over long-term awards handed to its management team.

The company, which fended off a £69bn bid from US rival Pfizer last year, saw almost 16 per cent of investors vote against its remuneration report at its annual meeting in London. Shareholders are understood to be annoyed because the incentives were not linked to revenue targets set out at the time of its defence against Pfizer.

Ashley Hamilton Claxton, the corporate governance manager at Royal London Asset Management, said: “Aspects of AstraZeneca’s long-term incentive plan are largely opaque.

“We are supportive of management but expect better transparency around the performance conditions considering the high level of pay [chief executive] Pascal Soriot may receive.”

Other companies set to face protest votes at annual meetings this year include BG Group, RSA Insurance and Reckitt Benckiser.

A spokesman for AstraZeneca said: “We believe the views of our remuneration committee and our shareholders are aligned ... Our remuneration framework has been designed to link executive [pay] to our short, medium and long-term plans.”