Greencore shares rise despite CEO pay dissent

Greencore shares jumped by as much as 8% yesterday despite 40% of shareholders voting against a rise in bonus entitlements for the group’s top two executives.

A resolution to double chief executive Patrick Coveney’s potential performance-based share bonus — from 100% of his basic salary to 200% — and boost chief financial officer Eoin Tonge’s from 100% to 150% of salary was passed with the support of almost 60% of shareholders at the Dublin-based convenience food group’s AGM in Dublin yesterday.

Shareholder advisory firm Institutional Shareholder Services had last week urged investors to reject the resolution.