Goshawk Insurance said all resolutions at the AGM were passed today, although the board has noted certain shareholders' views on remuneration and will consult with them accordingly.
Chairman Paul Spencer referred to a dispute over directors' pay with the company's largest shareholder Phoenix Asset Management, which holds almost 29% in Goshawk.
Phoenix has said previously that it believes the compensation awarded to directors in 2004 is not only out of line with the performance of the business in the year but is also inconsistent with the Remuneration Report of 2003 and is just too high in absolute terms for the size and type of business Goshawk is.
Spencer said he has recently spoken to shareholders representing approximately 45% of the company's shares, who fully support the board and have no support for Phoenix or their desire to take control.
“They want Phoenix to put up or shut up,” he said.