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Shareholders won't back bonus

Shareholders at a United Kingdom steelwork contractor have refused to back a bonus given to a former Managing Director who has retired to the Isle of Man.

John Severs was paid the £1.6 million bonus by Severfield-Rowen's board last June when he retired after 30 years with the company.

But at the firm’s AGM, shareholders refused to pass the resolution authorising the payment.

Mr Severs still acts as a senior advisor to the company, which defended its decision pointing out in the last five years under Mr Severs, the company increased its return eightfold.

Pre-tax profits at the group last year rose more than 40 per cent to £42.9 million.

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