* Over 20 pct of shareholders vote again directors'remuneration
* Tour operator sees bookings rise
* Reaffirms guidance despite cautious tone (Adds shareholder rebellion over executive pay)
By Alistair Smout
LONDON, Feb 9 (Reuters) - Shares in Thomas Cook fellmore than 8 percent on Thursday after the tour operator issued acautious trading update and saw more than a fifth of itsshareholders rebel over its executive pay policy.
Among the 21.7 percent of shareholders that rejected the paydeal for directors was Standard Life Investments, one of thecompany's top shareholders.
The biggest revolt though was over an alternative paymentplan for executives, called SSIP, which was rejected by over 30percent of shareholders, who said its goals were unclear.
The company said the plan would not be used in the nextyear, and would not result in management receiving higherpayments than they would in the regular remuneration policy.
"It is clear that there remain concerns about the level ofinformation around the possible strategic objectives and thesize of the maximum potential award," the company said in astatement after its annual general meeting.
It said it would now consult shareholders on the objectivesof SSIP before any future implementation of the policy.
The travel company, originally founded in 1841, producedsolid first-quarter results and a rise in summer bookings, butstruck a cautious tone on its full-year outlook.
Security issues continued to hamper demand for holidays inTurkey, while Britain's vote to leave the European Union, whichhas depressed the value of sterling, had also reduced clarityabout the rest of the year.
"We have made a solid start to the year, but it is stillearly days, and we remain cautious, given the uncertainpolitical and economic outlook around the globe," ChiefExecutive Peter Fankhauser said.
Traders said that the company's cautious outlook was behindthe steep fall in its shares, which were down more than 8percent by 1435 GMT, after falling as much as 9.5 percent anderasing gains made over the two weeks leading up to the results.
Other aspects of the company's update were reassuring, thetraders said. Summer bookings were ahead of last year, after thecompany responded to the security turmoil of 2016 by expandingits presence in Greece, Portugal and Croatia, which are lessaffected by security concerns.
Thomas Cook said that 31 percent of its summer holidays hadalready been sold, with bookings 9 percent ahead of last year.
"We are holding numbers but remain unenthused by theinvestment case and, in our view, that the basic business modelcontinues to face structural challenges," analysts at Numis saidin a note. They cut their rating on the stock to "reduce" from"hold". (Reporting by Alistair Smout, Editing by Jane Merriman andSusan Fenton)