44m votes against Bellway directors' pay bonus

Despite 44m shareholder votes being cast against Bellway directors £600,000 bonus package today, the gesture proved to be somewhat futile as the money had already been paid several months ago.

When resolution 8 at Bellway’s annual meeting was put to the vote at 12 noon, the room contained no more than the usual six shareholders who were looking forward to their tea and biscuits rather than playing a role in the bonus payment controversy.

But that was to discount a massive groundswell of opposition received by way of proxy votes. Once proxy votes were added into the figures they showed 44m votes against the resolution to approve the report of the board on the directors’ remuneration. A further 30m votes were cast in favour.

“But we’ve had the money already,” said finance director Alistair Leitch on leaving the room.

What today’s protest does mean, however, is that in the future Bellway will consult its investor groups earlier in the process, but the 2008 pay-out itself is long gone.

When Bellway gave the audience at the annual shareholders the chance to pose questions there was just one hand raised – and not surprisingly it was on the subject of the bonus.

But with that out of the way the gathered masses – around 40 in all – headed across to the sandwiches, tea and biscuits.

Apart from the six from the audience, the balance of the gathering was made up of Bellway staff and its financial advisers.

Leitch had accurately anticipated that the prospect of an angry horde would prove to be no more than a figment of the media’s imagination.

“We’d provided just the usual quantity of sandwiches,” he revealed, “and that proved to be plenty.”

Should you be wondering what happened to the directors’ Kevlar protective suits, well Leitch confirmed that they’ve been quietly put away.