The chief executive of the firm had been in line for a £125,000 ($160,000) boost to his annual £250,000 salary, but the firm has withdrawn the plans in the face of criticism from at least two major shareholders, the Sunday Times reported.
Jupiter had also proposed a cap on the potential annual bonus Slendebroek could receive in a shake-up of its executive pay structure, which looked to shift emphasis to long-term pay versus short-term rewards.
It is thought the bonus cap would have meant Slendebroek’s overall pay would not have increased, in spite of the salary rise.
However, the plans, which were quietly consulted on ahead of the shareholder AGM on 17 May, were dropped after some of the asset manager’s biggest shareholders claimed the significant pay rise could not be justified in the face of a government crackdown on executive remuneration.
Instead, Jupiter will ask shareholders to approve a 12-month extension of the existing pay policy.
In a statement the firm said: “Given the complex nature of the changes being considered, as well as the constructive but divergent views of its shareholders, the company plans to extend this period of consultation.”
Slendebroek joined Jupiter in 2012 and was promoted to CEO in March 2014.
