Pharmaceuticals giant GlaxoSmithKline suffered an unprecedented defeat at its annual general meeting.
Shareholders won a vote against a multi-million pound pay and rewards package for executives.
A controversial "golden parachute" deal for Jean-Pierre Garnier caused a storm at the London meeting, which saw one of the biggest shareholder revolts against "fat cat" pay in British corporate history.
Figures from the voting showed 50.72 per cent refused to back the resolution on executive pay. The remaining 49.28 per cent voted with GSK's board of directors.
The result, although not binding, means GSK will be forced to look again at remuneration policies.
Manufacturing union Amicus is planning to stage a protest outside the AGM today with activists dressed in pin-striped suits holding banners reading "Don't let the fat cats cream any more off".
Amicus' joint general secretary Roger Lyons said: "Garnier is the fattest cat of them all and continues to get the cream even though he has failed to deliver."
Tuesday May 20 2003
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