UBM's Hollick gives up bonus

INVESTOR power finally got the better of Lord Hollick. The Labour peer has decided not to accept a controversial £250,000 bonus just four days after he rode out a shareholder storm and proclaimed he was worth it.

A whopping 76% of votes cast went against United Business Media's pay policy at its annual meeting after the Daltons Weekly publisher awarded Hollick the sum for presiding over a 'successful handover' to new boss David Levin.

'You can rest assured, if I felt I hadn't earned it, I wouldn't have taken it,' Hollick said as he dashed from the meeting.

After a weekend to consider, the multimillionaire decided to refuse the payment to prevent his 31-year tenure at the helm of the business ending on a sour note.

'The majority of shareholders have now expressed their disapproval of the bonus and I have accordingly asked the company not to pay it,' he said.

The Association of British Insurers, which led the investor revolt, said the climbdown was 'a very sensible response to last week's vote'. UBM welcomed his decision in the face of the 'trenchant views' of shareholders.

Hollick still receives his £1.4m pay and bonus, plus a £726,000-a-year pension. He is joining US private equity firm KKR as a managing director.

Meanwhile, Levin is eyeing Chinese expansion opportunities. He will hold his first management meeting this week in Shanghai.