Executive pay: Shareholder revolts at Weir and Shire- as it happened

Angry shareholders, slower US growth and a steel pensions timebomb

It’s been a packed day of frustrated shareholders and gloomy economic news.

Before we go here’s a summary of the main business stories:

•  There have been widespread moves to oppose executive pay deals, including the majority of investors at Shire pharmaceuticals failing to support a 25% rise for its chief executive
• There was a big upset at the AGM of engineering group Weir with a 72% vote against a proposed remuneration policy
• At the Schroders AGM, shareholders registered their frustration with the elevation of former chief executive Michael Dobson to chairman.
• There was also a protest over pay at FTSE 100 building materials business CRH’s AGM
• In a seemingly pre-emptive move ahead of WPP’s own AGM in June, boss Sir Martin Sorrell has been out and about defending his bumper £70m pay package
• In other company news, bailed out bank RBS has admitted further delays in offloading 300 Williams & Glyn branches 
• Business secretary Sajid Javid was quizzed by parliament’s BIS committee about Britain’s steel industry, where he said admitted that, with hindsight, he should have flown to Mumbai last month as Tata’s board decided what to do with its UK steel plants.
• Tata Steel UK’s CEO Bimlendra Jha, also before the BIS committee today, told MPs there would be “very bad consequences for the taxpayer” if the pension liabilities of almost £15bn facing the business are not dealt with.
• In economic news, the US suffered a sharp slowdown in economic growth in the opening quarter of this year
• In the UK, Bank of England governor Mark Carney has noted signs of a slowdown amid jitters around June’s referendum on EU membership.Meanwhile an economists for Brexit report claimed output would be higher, the City would thrive, the trade deficit would be smaller and unemployment lower outside the EU
• In US company news, Shrek is coming under the same roof as Gruafter after confirmation from Comcast’s NBCUniversal that it has lined up a $3.8bn deal to buy DreamWorks Animation
• After UK retailer BHS collapsed into administration on Monday Sir Philip Green and Dominic Chappell face being hauled in front of MPs to explain their management of the company
• The person who put forward Sir Philip Green for a knighthood hassaid he should be stripped of the honour if his handling of BHS is found to have lacked integrity
• Stock markets had a weak start on disappointment over the lack of fresh stimulus from the Bank of Japan
• And finally, as jitters return over Greece’s bailout deal, reports from Brussels suggest Athens and its international lenders are almost in full agreement on a package of reforms. But a set of contingency steps requested by eurozone ministers last Friday still needs work, a top EU official tells Reuters.