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Nearly a quarter of Balfour Beatty鈥檚 shareholders voted against the group鈥檚 plan to amend its remuneration policy that will see bonuses for top directors rise from 120% to 150% of basic salary.

At the contractor鈥檚 AGM, held yesterday (18 May), 23% of those voting on the proposals rejected them, although the proposal was carried.

Balfour鈥檚 chief executive Leo Quinn and finance boss Philip Harrison stand to benefit from the changes, subject to certain targets being met. Quinn is currently paid a basic salary of 拢800,000, while Harrison is on 拢400,000. These basic salaries remain unchanged from 2016.

In 2016 Quinn received a total pay package of 拢1.45m, including benefits and bonuses, while Harrison was paid a total of 拢720,433.

Last year Balfour reported a total pre-tax profit of 拢8m on total revenues of 拢8.7bn, compared with a loss in 2015 of 拢199m on total revenue of 拢8.4bn.

The company undertook a review of its executive pay structure last year. Outlining the changes to its pay policy in the group鈥檚 2016 report and accounts, the remuneration committee鈥檚 chairman Iain Ferguson wrote: 鈥淚 am pleased to report that our discussions with major investors in relation to the revised policy have been positive and we hope that we can count on the support of shareholders for these important changes.鈥�

Noting the vote at yesterday鈥檚 AGM, Balfour said that much needed to be done to achieve the group鈥檚 full potential value, 鈥渁nd the new policy aligns with that goal鈥�.

It went on: 鈥淭he [remuneration] committee will ensure that implementation of the policy, from target-setting to incentive awards, focuses on that objective and will continue to listen carefully to shareholders鈥� views and consult on any material changes.鈥�