A.G. Barr, the Cumbernauld-based maker of Irn-Bru, Rubicon energy drinks and Funkin cocktail mixers, saw many shareholders vote against its directors’ remuneration at the firm’s AGM on Friday.
The firm received only 73.29% of votes in favor of the resolution: “To receive and approve the annual statement by the chairman of the remuneration committee and the directors’ remuneration report for the year ended 30 January 2022.”
About 21 million votes — just under 27% — were cast against the resolution.
Barr said: “The board notes the minority vote against Resolution 2 (the approval of the Directors’ Remuneration Report).
“We will consult and engage with relevant shareholders to understand their views and will provide an update within six months as required by the UK Corporate Governance Code.”
On March 29, Barr said its statutory profit before tax rose 62.3% to £42.2 million in the 53 weeks ended January 30, 2022. Revenue rose 18.3% to £268.6 million.
Barr recommended a final dividend of 10p per share to give a proposed total dividend for the full year of 12p per share, plus a 10p special dividend paid in October 2021.