Materials firm promises rethink after shareholders revolt over new chief exec’s £375,000 payout

By Dave Rogers2020-07-10T05:00:00

SIG shareholders unhappy with payment to Steve Francis

Materials firm SIG has promised to look at how much it rewards its executives after it narrowly saw off a shareholder revolt over plans to hand chief executive Steve Francis a £375,000 payout.

Described by the firm as a one-off payment, it attracted the ire of shareholders in the embattled company who have in recent months seen it dive to a £112m pre-tax loss, pull plans to sell its insulation panels business to Kingspan for £37.5m and turn to a cash-raising plan to drum up £150m in new equity.

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