Sarin hangs on

Vodafone CEO Arun Sarin has weathered the storm at the firm’s annual general meeting today, winning votes of confidence from 86 per cent of his shareholders.

But 9.5 per cent voted for his dismissal, with the remaining 4.5 per cent of shareholders abstaining from the vote. Dissention among the shareholders was understood to be led by Standard Life, Legal & General and Morley Fund Management.

In a statement, Standard Life said: “We opposed the re-election of Arun Sarin and the Remuneration Report (at Vodafone’s AGM). This reflects the importance we attach to leadership at Vodafone and our concerns about Vodafone’s remuneration policies, which in our opinion provide significant rewards for achieving unchallenging performance conditions.”

Sarin has endured a torrid relationship with shareholders as the group has struggled to make good on the fruits of its pre-crash investment binge. A high profile, lucrative incentive package for the top names at the worldwide carrier has done nothing to allay the concerns of the shareholders. The firm reported revenue growth in line with expectations ahead of a vital shareholder meeting today.

The company which has seen its share price drop from above 150p to lower than 120p since November last year, reported 6.4% organic growth in total mobile revenues for the quarter to June 30. It said it was on target to achieve between 5% and 6.5% growth for the year.

Sarin said: “This is a robust operating performance in testing markets with revenue for the quarter in line with expectations.”


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