19.02.10
easyJet suffered a shareholder revolt yesterday, as a quarter of its shareholders voted against a £1.2m bonus for its departing chief executive, the Times reports. The protest at the budget airline’s annual general meeting in Luton came after it was revealed that Andy Harrison, its chief executive, doubled his salary last year with the help of a 'retention' bonus.
Investors holding more than 49m shares voted against a resolution to pass the executive remuneration and many others abstained. Only 31% 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, the newspaper adds.
Mr Harrison received a £856,000 basic pay plus a £266,000 bonus last year, and 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 also 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.
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