In September last year, the firm’s remuneration committee began a review of the Long Term Incentive Plan (LTIP), in an announcement today, the firm revealed that the committee and the board agreed that the scheme should be cancelled.

The LTIP saw thousands of shares given to senior managers, including Mr Gilbert, and vesting over time. Almost a million shares were awarded to executives for nine months’ work in 2021. Investors were concerned that the generous level of the awards would dilute their investments.

Announcing the discontinuance of the scheme, AssetCo said it will now accelerate the release of shares that were due to be handed out over a five-year deferral period after scrapping its long-term incentive plan.