Stelios seeks support to block easyJet directors pay
23.01.12
Sir Stelios Haji-Ioannou is to meet three of easyJet’s key shareholders this week in a bid to win backing for his fight against the airline's boardroom pay plans, according to press reports yesterday.
The airline’s billionaire founder, who with his family controls 37.4 percent of its shares, is calling for shareholders to vote against the company’s remuneration report ahead of its annual general meeting on January 31. A straight vote of more than 50 percent against the plans would be massively embarrassing for the board, which is chaired by city grandee Sir Michael Rake.
Sir Stelios said in a latter to David Cameron, the Prime Minister, last week that plans to award around £7m in bonus shares to the airline’s senior staff are based on ‘phoney’ and ‘self-serving’ calculations. Mr Cameron wants to increase shareholder scrutiny of boardroom pay. Sir Michael responded by calling Sir Stelios’ comments ‘inaccurate, inappropriate and misleading.’
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