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BREAKING NEWS

Countrywide backs off new pay plan for directors

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Countrywide backs off new pay plan for directors

Countrywide backs off new pay plan for directors
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Russell Cheyne(Reuters)
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(Reuters) - Countrywide will stick with its existing pay package for senior executives following meetings with top investors, the company said on Monday, cancelling proposals for a new package that were to be put to shareholders at its annual general meeting.

Sky News reported on Thursday that leading City institutions were planning to oppose the new incentive scheme that Countrywide wanted to push through as part of a 140 million pound ($178.54 million) rescue fundraising to keep the company afloat.

The company's existing remuneration policy and long-term incentive arrangements as approved by shareholders at its annual general meeting held in 2017 will remain in place, Countrywide said.

($1 = 0.7841 pounds)

(Reporting by Arathy S Nair in Bengaluru; editing by Patrick Graham)

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