Third of votes cast against British Land pay report

LONDON, July 11 Sat Jul 11, 2009 11:44am EDT

LONDON, July 11 (Reuters) - A third of the votes cast at British Land's (BLND.L) annual general meeting on Friday were against the company's remuneration report, the property company said.

A further 140 million votes were withheld as the remuneration report was approved.

Chris Grigg, who took over as chief executive in January, received an annual bonus of 178,787 pounds ($290,600) in the year to end-March 2009, equal to the pay he received, according to figures released by the company.

Andrew Jones, co-head of asset management, received an annual bonus of 350,000 pounds, 82 percent of his salary, and Head of Offices Tim Roberts gained an annual bonus of 310,000 pounds, 77 percent of his salary, according to the company.

Property companies have been hard hit by the recession and slide in property values.

In May, British Land posted 3.2 billion pounds of markdowns in property values.

The company said in announcing annual results its net asset value per share tumbled 64 percent to 398 pence. The portfolio was then valued at 8.63 billion pounds, 28 percent down on the valuation at end-March 2008. (Reporting by Adrian Croft; Editing by Anthony Barker)

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