The firm was told it needed to be more transparent about senior staff’s pay

Mears chairman Bob Holt is to have his pay gradually reduced after consultancy Pricewaterhouse Coopers told the firm it needed to be more transparent about the pay and remuneration of senior staff.

In the firm’s annual report, published last week, Mears committed to “improve the level of openness and transparency in remuneration reporting through a detailed annual Remuneration Report,” but said it had put off the implementation of this policy because of the pressures of a “transformational” year for the business in 2010.

In addition it said that Holt, who stepped down from day-to-day control of the business in 2010 to become non-executive chair, should receive no increase for 2010, 2011 or 2012.