Vistry braced for investor fury over fats cat pay

Troubled housebuilder Vistry is facing a revolt at its annual shareholder meeting on Wednesday after two advisory firms raised concerns about the pay packages doled out to its executives.

It comes as the FTSE 250 firm, which was previously championed by former deputy prime minister Angela Rayner for building one in seven affordable homes, grapples with falling demand and upheaval among its top team after its boss Greg Fitzgerald stepped down much earlier than expected.

Vistry’s new boss Adam Daniels now faces a difficult encounter with investors at the annual gathering after advisory group ISS recommended shareholders oppose the company’s pay report after a decision to increase the potential size of bonus payouts for its executives.

Struggle: Housebuilder Vistry is grappling with falling demand and upheaval among its top team

Meanwhile, fellow advisory firm PIRC recommended investors abstain from voting, saying they had ‘concerns’ about the remuneration.

Both groups called on shareholders to oppose Vistry’s plans to alter its pay policy, which would allow bosses to cash in their bonus shares faster.

A potential investor rebellion threatens to pile more pressure on to Vistry, which warned in March that its profit margins would remain under pressure.