Rebels rap Provident over pay for its boss

DOORSTEP lender Provident Financial has been hit by a rebellion over bosses’ pay, dealing it a setback as it fights off a takeover bid.

The Provvy suffered the revolt at its annual meeting after it was slammed for paying its chief executive Malcolm Le May a £573,000 bonus.

Investors controlling 20.4pc of shares opposed the pay report.

It comes as it tries to fend off the advances of rival Non- Standard Finance, which has support from shareholders who own more than half of the Provvy.

NSF attacked its target for ‘over-rewarding failure’ with Le May’s bonus, in a year when shares dropped 13pc.

In total, the 61-year-old was paid £1.4m for 2018.

Shareholder advice group ISS had also urged a protest vote.

The Provvy will now be named and shamed by the Investment Association trade body in a list of companies which have suffered large revolts.