Shareholder unrest over easyJet boss retention bonus
19.02.10
easyJet faced a shareholder revolt yesterday, as one quarter of its shareholders voted against a £1.2m bonus for the departing chief executive, the Times reports. The protest at the airline’s annual general meeting came after it was revealed that Andy Harrison, the airline's chief executive, doubled his salary last year with the help of the 'retention' bonus.
Investors holding more than 49m shares voted against a resolution to pass the executive remuneration report and many others abstained. Only 31 percent of the company’s total share capital voted to pass the remuneration. Sir Stelios Haji-Ioannou, the airline’s founder, is believed to have been among the shareholders to have abstained from the vote, the newspaper adds.
Mr Harrison received a £856,000 basic pay plus a £266,000 bonus last year, but was awarded a £1.2m additional bonus when he signed an agreement not to leave within a year. He is due to leave the month after his period expires, in June.
The budget airline said that despite its strong performance and high consumer demand, conditions remain challenging and it expects a tough trading environment in its current financial year.
Add to: del.icio.us | Digg it | Newsvine | NowPublic | Reddit
To book a luton airport hotel or luton airport car park at the lowest price, click on these links to two great luton airport car parking and luton airport hotel price comparison pages.
