Informa, the FTSE 100 events business, has suffered a bruising shareholder revolt against a £2.7m pay package handed to its chief executive, Lord Carter, the former Ofcom boss and aide to Gordon Brown. In the advisory vote, more than 70% of investors voted against the company’s remuneration report at its annual meeting in London on Thursday. It is the third consecutive year that shareholders have voted against an aspect of the company’s pay policy. In a statement after the meeting, the company said: “The AGM results show a clear number of shareholders were not able to provide their support. “The board recognises and understands these different points of view on historical decisions, which have now fully and finally played out and led to some disappointment amongst shareholders. The board made these decisions over two years ago in 2020, during a period of pressure and uncertainty for Informa, with the aim of focusing the entire 100+ senior leadership team on the immediate priorities for the group and supporting the retention of key talent. “From a business perspective, these actions have had the desired effect, driving relentless focus around cash preservation and cash generation, cost reduction and balance sheet security.” The company, which runs events including the Monaco Yacht Show, said it had listened to shareholder concerns “through extensive engagement” and had carried out a “significant refresh of the board”. That included the appointment of three new non-executive directors, a new chair, a new senior independent director, a new chair of the audit committee and a new chair of the remuneration committee. The shareholder advisory service Institutional Shareholder Services said pay at Informa “remains out of line with market standards due to the operation of the variable pay schemes”. Glass Lewis, another advisory firm, advised its clients to vote against the pay report and criticised the company for its “insufficient” response to previous protests. During the pandemic, the company raised £1bn in additional funding from shareholders and suspended its dividend. A policy for its future remuneration approach received the backing of 93% of shareholders. On Thursday, the company more than doubled its share buyback programme to £725m, and forecast annual profit at the upper end of its outlook range of £470m-£490m.