Berkeley’s proposal to hand £100m to four senior managers in doubt after major shareholder voices concern.

At least one major shareholder is still opposed to Berkeley’s proposal to award management 15% of the group as part of a restructuring plan.

One top five shareholder said it was still hoping for the terms of the deal to be changed. The investor said: “We are worried about the precedent this would set for the listed market generally. This proposal is not ideal in terms of getting performance and remuneration in proportion.”

Berkeley’s plan involves returning £1.4bn to shareholders over the next six years, with Berkeley’s founder Tony Pidgley and three other managers sharing £100m. The money will be returned to shareholders as Berkeley pulls out of its housebuilding business to concentrate on regeneration projects.

Some shareholders are backing the plans including Scottish Widows and Saad Investments, Berkeley’s largest shareholder. Although Peter Coburn, investment director of UK equities at Scottish Widows said that 15% for the management was on the “high side”.

The proposal documents will be mailed to shareholders at the of August and the vote will take place in September.