The Restaurant Group’s proposed new remuneration policy and restricted share plan has been approved by shareholders.

Although over a third of shareholders voted against the move - 36.83% against remuneration and 36.64% against restricted share plan – both passed with an approximate 63% majority.

The company’s existing remuneration policy is set to expire in 2021, but given the “exceptional events” of 2020, the committee accelerated its review last month and recommended the new plan to replace its former performance-based long-term incentive plan.

“We are pleased that the majority of our shareholders have approved the new policy and restricted share plan, which we believe are in the long-term interests of the company and its shareholders,” said TRG chairman Debbie Hewitt MBE.

“We recognise that some shareholders did not support the proposal. We have signalled our intention that the 2021 grant (due to be made in March 2021) will be at the lower level of 100% of salary using the 5-day average closing share price over the period immediately prior to grant, with this lower level intended for subsequent grants. We will continue engaging with our shareholders in the coming months.”