Tim O'Toole, the chief executive of FirstGroup, suffered a rare public rebuke last Friday after 42% of shareholders voted against his remuneration package.
A bloc of shareholders took exception to a "retention" share award of nearly 215,000 shares. The award, worth around £760,000 at Friday's share price, will be triggered if O'Toole is still at the helm or is not working his notice on 1 November 2013. O'Toole earned a total of £591,000 last year, excluding a housing allowance of £138,000.
FirstGroup shares rose 8.18% to 356p on Friday as the transport operator said sales in its rail business rose 8.5% in the three months to 30 June and its bus division saw a 0.7% rise in like-for-like sales.