Persimmon has been asked to rethink an executive pay plan, which could see top executives at the housebuilding group share approximately £600m ($851.3m, €757.4m) over the next five years.
The scheme, one of the largest ever at a FTSE 100 group outside the banking sector, could see group chief executive Jeff Fairburn earn more than £100m. Under the plan, which began as the housing market began its recovery following the 2008 financial crisis, the London-listed company gave approximately 150 managers the chance to earn shares worth 10% of the group's value, provided they hit a number of targets.
Persimmon said the plan was running comfortably ahead of its targets and shares in the company have soared from £6.20 to £20.
However, Mike Fox, head of sustainable investment at Royal London Asset Management, said the payments were too high "in all circumstances".
Fox, who voted against the plan when it was first put forward and has voted against it every year since, received support by a number of investors who have claimed Persimmon's bosses have simply benefited from being in charge at the right time.
However, the housebuilder has defended the scheme, indicating it has returned £1bn to shareholders and invested more than £2bn since the plan was first implemented.
"This is a long-term plan that runs for almost a decade which is designed to drive outperformance through the housing cycle and to incentivise the management to deliver the capital return, grow the business and increase the share price," the company said in a statement.