Pay revolts continue

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The FT notes:

The spreading shareholder revolt over executive pay issues intensified as investors voted down plans by Provident Financial to pay a bonus and double-digit salary increases to senior executives.

More than 51 per cent of votes on the Bradford-based sub-prime lender’s remuneration report were cast against it at its annual meeting on Wednesday.

The size of the opposition signals the growing militancy of investors under pressure to be tougher on boards and pay.

I am doubly pleased. This revolt is appropriate. And provident is a company who I have long disliked — the true level of whose manipulative interest rates I first drew into the public domain. I have little time for anyone who pursues this trade which could be radically reformed to reduce its cost base if only there was willing to stop the exploitation inherent within it.