A shareholder revolt at GCap, the UK media group that owns Capital Radio, over executive remuneration is likely to have been averted after Alastair Ross Goobey, chairman of the company's remuneration committee, made an unprecedented apology to investors.

Some institutional shareholders said they are likely to back the board at the company's annual meeting today over £2.6m (€3.8m) in severance payments made to the former chief executive, David Mansfield, and other departing executives. The Association of British Insurers has "blue-topped" the meeting, indicating no concern and proxy agency Manifest has taken a similar line.