Shareholders in the U.K. building materials company SIG voted to reject its remuneration report on Friday, making it one of only a handful of U.K. companies to fall victim to a revolt over pay.

SIG incurred shareholder wrath after it increased the base salary of chief executive Chris Davies by 14.6 percent in a year of falling profits. His pay was up from £465,000 to £532,875 ($671,825 to $769,890).

Two thirds of shareholders (66.71 percent) voted at its annual general meeting to reject the report of its remuneration committee. The vote is only advisory and doesn’t compel the company to do anything in response. But SIG Chairman Les Tench told shareholders: “I am extremely concerned about this result and take it very seriously.”

Tench said the remuneration committee, which sets director pay, was unanimous that the increase in Davies’ pay was justified. But he said the company would now consult with shareholders “to understand their concerns fully.”

Shareholder complaints had already forced the company to change its pay plans, even before the rebel vote. After consulting with around half of its shareholders ahead of the annual meeting, SIG decided to give its directors tougher long-term performance targets.

The revolt at SIG sees it join the small number of U.K. companies to have their remuneration report voted down. Over the last two years, victims include Royal Bank of Scotland, Royal Dutch Shell, and property company Grainger.

The Association of British Insurers, the shareholder representative group, said: "This sends a clear signal over the care needed by companies when setting base pay."

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