Shareholders have raised their concerns over a bonus plan at travel company On The Beach.
The Manchester-headquartered business has said more than one in five votes were cast against its bosses' pay at a shareholder meeting last Friday.
The listed firm said that only 79.34% of votes were in favour of the remuneration policy, but a majority approved last year’s remuneration report.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
Around 13% of shareholders also did not want to authorise the company to establish its 2023 long-term incentive plan (LTIP).
In a statement, On The Beach said: "The remuneration committee believes that the 2023 LTIP will enable the company to retain key talent by providing management with greater visibility over long-term remuneration outcomes in a very challenging market, while addressing the difficulties faced in setting long-term performance targets in the context of the volatile UK travel sector.
"Nonetheless, the board notes the concerns raised by some shareholders."
The result comes after On The Beach issued a trading update last week ahead of the AGM.
The company said it has begun its current financial year with "a healthier overall forward order book" and that "although the first quarter (calendar Q4) is historically the quietest trading period, group TTV for October, November and December 2022 exceeded the comparative months in FY22".
It added: "Bookings since the Christmas period have materially increased and whilst it is still very early in the year, group TTV since the start of the financial year to date is up 68% vs the equivalent period in FY22.
"The strategic actions taken by the group in the current and prior financial year, have contributed to a continuation of the key trends observed in FY22, including growth in FY23 across premium, long-haul and B2B expansion areas.
"The group has a strong balance sheet and, in line with its strategy, has significantly increased investment across the period and into January across brand, technology and its customer proposition, to support strong sales growth for summer 2023 departures and continue to build momentum for the second half of the year."
READ MORE:
