Beleaguered UK commercial radio group GCap Media is facing an investors' revolt over executive pay.
Nearly a quarter of the group's shareholders voted against Gcap's remuneration policy as contained in the half-year report from Britain's largest commercial radio company, formed in May of this year by the merger of Capital Radio with GWR.
The new company has shed £200 million ($354m; €295m) in market value since then, as advertising revenues have sagged.
The shareholders' vote is advisory and does not affect directors' earnings. However, investor pressure has led to the effective outlawing of controversial arrangements such as two-year contracts and guaranteed bonuses.
The report shows former ceo David Mansfield earned £268,000 after tax for the six months to the end of March. He resigned from GCap last month [WAMN: 21-Sept-05].
It also reveals that a former Capital strategy and development director received a £285K payoff plus other benefits when she left her job in January.
Comments chairman Peter Cawdron on the vote: "I wouldn't call it a failure. If you look at most AGMs the one [resolution] with the most votes against is the remuneration report. Every single shareholder has a different view."
Data sourced from MediaGuardian.co.uk; additional content by WARC staff