Energy service group Hunting faced a revolt over its latest remuneration report yesterday.
More than one-fifth of shareholder votes cast at the firm’s annual meeting in London went against bosses’ pay deals, but the report was backed by 78% of the votes.
According to the company’s 2012 annual report, the biggest payout last year was the £1.21million awarded to chief executive Denis Proctor; down from £1.36million in 2011.
Finance director Peter Rose saw his earnings grow by £43,000 to £554,000.
Hunting, whose North Sea operations are run through Hunting Energy Services at Portlethen, near Aberdeen, recently posted a 55% jump in annual pre-tax profits to £123.6million. The group said its North Sea business helped it to increase turnover by 36% last year, to £825million.
Chairman Richard Hunting said yesterday a buoyant mood in the industry globally meant customers planned to increase spending during the second half of 2013.
Speaking at the AGM, Mr Hunting added: “First-quarter trading remains in line with the board’s expectations as reported in the group’s annual results in March. The overall sentiment of the energy industry remains positive, with customers continuing to indicate that capital expenditures will accelerate in the second half.”