Revolt: The Restaurant Group paid ex-HBOS chief exec Andy Hornby (pictured) £792,000 last year
Wagamama’s owner was hit by a shareholder revolt over fat cat pay and boss Andy Hornby.
More than 45 per cent of voting investors – including activists Oasis Management and Irenic Capital – opposed The Restaurant Group’s pay report for last year when ex-HBOS chief executive Hornby was handed £792,000.
And in a further blow to Hornby – who took Halifax owner HBOS to the brink of collapse in 2008 – nearly 16 per cent of shareholders also voted against his reappointment to the board.
At the same time, almost a quarter opposed the reappointment of Ken Hanna as chairman and Zoe Morgan as head of the remuneration committee.
The rebellion came as The Restaurant Group (TRG) – whose empire also includes the Frankie & Benny’s and Chiquito chains – faces mounting pressure from investors over its performance.
The company posted an £86.8million loss last year, its fourth annual loss in a row, and its shares have fallen 80 per cent since it bought Wagamama five years ago.
Daniel Wosner, head of Europe at Oasis, said: ‘The numbers tell the story.
‘We will continue to seek constructive engagement with the company to strengthen its governance and enable it to be better aligned with the interests of all shareholders.’
A TRG spokesman said the firm ‘intends to keep the remuneration policy under active review’.
Shares fell 3 per cent, or 1.5p, to 48.2p.
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