Imperial Brands' blocking of CEO pay rise could signal turning point in excessive exec pay

Executive pay levels are a long-running media theme which received intensified scrutiny when, earlier this month, Jeremy Corbyn outlined his desire to curb Boardroom pay.

Now, shareholders at one cigarette maker have made real upon the Labour leader’s plans - with stock owners at Imperial Brands blocking a pay rise for their CEO.

Alison Cooper – Chief Executive of the maker of Gauloises and John Player & Sons cigarettes – found out that her salary would not be voted on, effectively ending the possibility of her pay increasing from £5.5million a year to a potential £8.5million a year.

The non-vote demonstrates that the cigarette giant did not expect to win support from investors for any increase in pay.