Shareholders in brewing group Heineken on Thursday voted through a €4m bonus package for chief executive Jean-François van Boxmeer, despite protests from some institutional investors.

Some 20% of shareholders voted against giving Van Boxmeer shares to the value of €1.5m as part of a golden handcuff package, plus a bonus of €2.5m for successfully taking over Asia Pacific Breweries last autumn.

Pension funds APG, PGGM and MN Services were among those opposing the deal.

A spokesman for the Dutch shareholders’ association said it is ‘inappropriate, particularly at the present time, to give someone a bonus for simply staying in the job’.

On Wednesday Heineken announced it had sold 2.7% less beer in the first three months of this year, compared with 2012. Total revenue, excluding acquisitions, also fell 2.7%.