The former United Business Media chief executive saw 76% of the company's shareholders vote to block his £250,000 bonus with just 13% backing the payment and 11% abstaining.
In a statement, Lord Hollick said: "I would like to thank the board of UBM for the bonus they awarded me for a successful handover and for significantly increasing shareholder value during the six-month transition period.
"The majority of shareholders have, however, now expressed their disapproval of the bonus and I have accordingly asked the company not to pay it."
In addition to not paying Lord Hollick, UBM said that following the majority vote against the remuneration report at the this year's AGM it would offer no such further exceptional bonus payments of the kind offered to Lord Hollick.
"Both institutional and individual investors expressed trenchant views on this matter last week. The board has committed not to make exceptional bonus payments of this particular type in future and Clive has decided to waive the bonus to which he is legally entitled. While the results of the vote stands, both the company and the individual have recognised the views of shareholders. The board welcomes Clive's decision," UBM said.
Last week, UBM has said that despite the vote against the payment, Lord Hollick would still get to keep quarter-of-a-million bonus because the company is "contractually and legally" obliged to make the payment and because the AGM resolution was only advisory.
Lord Hollick himself justified taking the bonus saying that "if I had not felt I had earned it I would not have taken it".
The money was promised to the Labour peer for a successful handover of his role to new chief executive David Levin.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the
_1.jpg)
.jpg)
