Stelios continues easyJet campaign
19.06.10
Sir Stelios Haji-Ioannou plans to call an emergency meeting of shareholders in a protest over the levels of executive pay at easyJet. The founder of the low-cost airline, who is currently in the middle of a bitter and costly court case against easyJet, said yesterday that he wants a shareholder vote to prove the level of discontent over a range of spending issues at the airline, in particular executive compensation.
Sir Stelios is lobbying easyJet to cut back on its expansion plans in a bid to persuade the company to pay dividends. He told reporters yesterday that he plans to make director compensation ‘a central topic [of this campaign] for the next 2 - 3 months.’ Although his precise plans are yet to be announced, Sir Stelios suggested that he would call a vote on the removal of a specific director - we assume a non-executive director - which would indicate the level of dissatisfaction among shareholders.
An easyJet spokesman said: ‘We have not received any notice of an EGM from Sir Stelios. The company regrets this strategy of intimidation with the objective of getting a cash return. We are happy with the Board structure and the remuneration policy, which we think appropriately incentivises management, as highlighted by the fact that we are one of Europe’s best performing airlines.'
‘easyJet’s remuneration is not excessive. There has been a senior management pay freeze for the last 2 years, and our base salary is in the median range. As a Board member, Sir Stelios has been involved in all decisions on remuneration policy and strategy.’
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