UK: the Punch Taverns plc AGM - shareholders reject remuneration report

Punch Taverns plc held its annual general meeting earlier this week. The voting results are available here. Resolution 3 - to approve the company's remuneration report - was not passed: 55.44% of votes were cast against. The company's board responded by issuing a statement in which it explained that a "full review of remuneration policy and its future implementation" would be conducted in consultation with shareholders. Perhaps the shareholders should have been consulted earlier, not least because at the company's last annual general meeting, in January of this year, disquiet over remuneration was evident: approximately one third of votes were cast against the remuneration report.