Investor revolt over LSL pay

ESTATE agency and surveying group LSL Property Services was dealt a rebuke at its annual general meeting yesterday when a fifth of its shareholders voted against its directors’ pay deal.
By The Newsroom
Published 21st Apr 2011, 09:59 BST

LSL hiked its chief executive’s salary and benefits by 36 per cent in 2010 as its profits and revenues surged.

The York-based company’s annual report revealed chief executive Simon Embley’s base salary increased by £70,000 to £250,000.

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Combined with benefits and a bonus of £243,750, Mr Embley’s total remuneration hit £505,216.

Total remuneration for LSL directors increased by 33 per cent to £1.44m in 2010.

LSL added it is freezing salaries in 2011.

Almost 20 per cent of voting shareholders, holding 17.7m shares, voted against the group’s remuneration report at its AGM in London.

Some 2.5 per cent of shareholders withheld their votes on the remuneration report, while 77.8 per cent of voting shareholders backed it.

All resolutions were passed at the AGM.

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“LSL’s strategy has been designed to create shareholder value and the aim of LSL’s remuneration policy is to attract, retain and motivate executive directors with the experience and skills necessary to deliver that strategy and run LSL successfully,” said the company in its annual report.

Last month LSL said underlying pre-tax profits grew 52 per cent to £25.8m in 2010.

LSL said total revenues increased by 31 per cent to £206.6m, and by 16 per cent to £182.4m on a like-for-like basis.

Shares in the group lifted 1.9 per cent to 265p yesterday.

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