FirstGroup shareholders delivered yet more opposition to the company's leadership at its Annual General Meeting (AGM).
Just over a fifth of total investor votes cast opposed interim executive chairman David Martin staying on the board.
He stepped in earlier this year, following the exit of chief executive Matthew Gregory, who has now left the Aberdeen-based transport group after less than three years at the helm.
Gregory officially stepped down from the role at the AGM, following Coast Capital, the group’s biggest shareholder, calling again for his resignation.
Coast and other investors were unhappy over the sale of two US businesses, believing the £3.3bn deal was undervalued - with 38.7% of investors opposing the sale in May.
Martin has taken on the chief executive duties until a replacement for Gregory is found.
Two other members of the board, non-executive directors Warwick Brady and Julia Steyn, also attracted a something of a shareholder revolt.
Brady’s re-election was opposed by 20.29% of the total votes cast, while Steyn generated a protest of 18.03%.
FirstGroup’s proposed leadership pay award was rejected by more than 4% of investor votes.
The AGM also saw it reveal plans to hand £500m back to shareholders.
Shares rose after it confirmed the cash return as part of a tender offer following the sale of its First Student and First Transit businesses.
In a trading update, Martin said that finances have been “in line with our expectations year to date”, with bus passenger volumes have reaching 65% of pre-pandemic levels on average in recent weeks.
Martin commented: “While we complete the search for a new chief executive, my focus is on ensuring we continue to drive value from our strong positions in UK bus and rail, progress our plans to resolve our non-core Greyhound operation and complete the return of value to our shareholders following the sale of the North American contract businesses.
“With a well-capitalised balance sheet and an operating model that will support an attractive dividend for shareholders commencing in 2022, I am confident that FirstGroup is well-placed to deliver sustainable value creation as a focused UK public transport leader.”
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