London-listed broker Braemar has awarded share options worth around £1.3m ($1.66m) to its top three executives after surviving a major rebellion on its pay policy.
Nil-cost options were granted under its long-term incentive plan.
Chief executive James Gundy received options for 159,503 shares, with chief operating officer Tris Simmonds getting 125,923 and chief finance officer Grant Foley another 109,134.
There is no exercise price for the awards but they will vest in three years, subject to the London shop’s earnings performance.
The bosses will then have to hold on to the shares for two more years.
Braemar closed at £3 per share on Thursday.
The company has also awarded a smaller number of options under its separate share option plan.
The exercise price for these is £2.98.
Gundy has been awarded 20,147, with Simmonds getting 16,510 and Foley 6,347.
The awards came after a revolt on pay by shareholders at the annual general meeting in London on Wednesday.
Braemar pinned some of the blame for this on former staffers.
Overall pay down
The directors’ remuneration report gained backing from just 54.9% of the votes, down from 57% in 2023.
The company’s annual report revealed that Gundy received a bonus of £2.35m in the year to 29 February, down from £2.95m the year before.
Simmonds banked a bonus of £1.125m, against £1.25m 12 months earlier.
Gundy’s base salary was £475,000, up from £450,000 year on year. Total remuneration was £2.85m, down from £4.11m the previous year.
Simmonds’ wage rose to £375,000, up from £333m, for a total of £1.54m, down from £1.6m.
Braemar said base salaries will be frozen for the current year.
