(Alliance News) - Greene King PLC said a third of its shareholders rejected a motion to approve a directors' remuneration report during the company's annual general meeting on Friday.
The pub operator said 33% of votes rejected the motion because some of the company's shareholders were "aligned to the recommendation" of one proxy voting agency.
Greene King added: "Other agencies and the majority of our leading shareholders, with whom we communicated with prior to the meeting, were supportive."
"We understand that some of our shareholders have concerns regarding the arrangements made for our former chief executive's departure. However, as we disclosed in our directors' remuneration report, there were specific commercial reasons for the arrangements made and we believe the arrangements were necessary and appropriate to secure the best outcome for the company and its shareholders," the company continued.
Greene King said it will engage with its "larger shareholders and proxy agencies as we review our directors' remuneration policy during 2019/20 ahead of its planned renewal at the 2020 meeting".
The company said the process could be influenced by whether shareholders approve the recommended takeover offer by CK Noble UK Ltd.
The August acquisition bid valued Greene King's share capital at GBP2.7 billion, giving the firm an enterprise value of GBP4.6 billion.
All motions at the annual general meeting were passed.
Shares in the company were 0.1% higher at 841.46 pence each in London on Friday afternoon.
