Investors show disquiet on blue-chip boards' pay.

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More than a fifth of shareholders in 20 FTSE-100 companies refused to support their firms' executive remuneration proposals last year, according to PwC's annual report on boardroom rewards.

The publication suggests that such scrutiny is unlikely to diminish in 2010, given that the next AGM season will coincide with the forthcoming UK general election at a time of continuing economic uncertainty and public-sector pay caps. Although the one-off 50 per cent tax on bankers' bonuses is intended to change banks' behaviour, PwC expects it to have repercussions for all FTSE members.

"Although remuneration reform has focused on the banking sector, we are already seeing it spill over into others," said Tom Gosling, reward partner at PwC. "In...

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