SIG boss narrowly wins battle for bonus

SHAREHOLDERS IN Sheffieldbased building materials firm SIG have narrowly approved a £375,000 bonus for chief executive Steve Francis.

Mr Francis joined the firm in February of this year on an interim basis and, following an improvement in SIG’s performance, was handed the role permanently two months later.

The firm said the bonus, which equates to 65 per cent of his salary, was to reward the work he had done in improving SIG’s performance.

However shareholders had expressed concern and an Emergency General Meeting was called, at which just short of 56 per cent voted in favour of the payment.

In an update to the Stock Exchange, the firm said: “The board welcomes the majority support for the one-off payment of £375,000 to the CEO of the company outside the terms of the directors’ remuneration policy but acknowledges that a significant number of votes were cast opposing the resolution.”