Shareholder backlash forces Icap to review bonuses

Michael Spencer said that market conditions were the worst he had experienced
Michael Spencer said that market conditions were the worst he had experienced
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Icap is to go into talks with shareholders over its executive bonus scheme after a third of investors voted against its pay policy at the annual meeting.

The interdealer broker, run by Michael Spencer, a former Conservative party treasurer, has faced disquiet over an arrangement in which there is no limit on the bonuses that can be paid to senior staff.

About 33 per cent of shareholders yesterday voted against the directors’ remuneration policy, marking the latest in a series of run-ins between investors and management over bonus schemes. Icap is expected to present a revised bonus scheme in time for its implementation next year in an effort to head off shareholder anger and bring the company into what is regarded as best practice by