A £400 billion pension giant has put boards on notice that they will face investor revolts if they try to pay bonuses after taking taxpayer support, setting the scene for a fractious annual meeting season.
Fidelity International has written to FTSE 350 companies saying it wants to see “a restrained approach to executive pay this year” and warning that it will vote against bonuses for bosses whose companies have used schemes such as furlough without repaying the money.
The Fidelity letter follows a warning from the Investment Association, a group of 250 fund managers. It suggests boards could face unrest on the scale of the “shareholder spring” in 2012.
There have already been rows over use of taxpayer funds, with Tesco repaying £585 million in
