Shareholders: Incentive Scheme and Week

shareholders: Shareholders will vote on the cash call next week, as part of what Countrywide is calling its Absolute Growth Plan AGP which also includes pushing through a new incentive scheme, according to The Guardian. Stop whining about the politics of envy'. Executive pay is indefensible Read more Under the proposed scheme top executives including the chairman, Peter Long, whose role changed to an executive position following the ousting of former chief executive Alison Platt, could have received Countrywide shares worth more than 20m. Earlier this month the beleaguered estate agent group, which has nearly 10,700 staff and operates under about 50 brand names including Hamptons International and Bairstow Eves, was forced to ask investors for 140m in emergency funds to save it from collapsing under the weight of its debt. Countrywide's proposals to replace its existing long-term incentive plan with AGP sparked a furious response from shareholders. While Countrywide was expected to be able to push through the scheme its largest shareholder Oaktree Capital was reportedly set to back the proposals the company has decided to avoid a clash with investors by dropping the pay plans. Institutional Shareholder Services, an influential investor advisory service, said investors should oppose the new policy and labelled the scheme excessive and unnecessarily convoluted . No compelling explanation has been provided as to why the proposed arrangement is essential to effectively implementing the group's strategy and turnaround plan, ISS said. (news.financializer.com). As reported in the news.