Shareholder battle over easyJet boss ‘retention’ bonus
19.02.10
easyJet faced an investor revolt yesterday, as one quarter of its shareholders voted against a £1.2 million bonus for the departing chief executive, the Times reports. The protest vote at the airline’s annual general meeting came after it was revealed that Andy Harrison, the chief executive, doubled his salary last year with the help of a 'retention' bonus.
Investors holding more than 49 million 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 resolution. Sir Stelios Haji-Ioannou, the airline’s founder, is believed to have been among the shareholders to have abstained from the vote, the newspaper reports.
Mr Harrison received £856,000 in basic pay plus a £266,000 bonus last year, but he was awarded a £1.2 million additional bonus when he signed an agreement not to leave within a year. He is due to leave the month after his retention expires, in June, to pursue other opportunities.
The budget airline said that despite its strong performance and high consumer demand, conditions remain challenging and it expects a tough trading environment.
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