Fat-cat pay revolt hits Ryanair boss Michael O’Leary as around a third of shareholders vote against his £3.2m pay package
Ryanair faced an investor revolt over fat-cat pay as the industry reels from the Covid-19 pandemic.
Around a third of voting shareholders refused to back a package that handed chief executive Michael O’Leary £3.2million in the financial year that ended in March.
The rebellion came after concerns were raised over his £419,000 bonus – just shy of the £458,000 maximum he was entitled to. But the remuneration plans passed as 65.8 per cent voted in favour.
Around a third of voting shareholders refused to back a package that handed Ryanair chief executive Michael O’Leary £3.2m in the financial year that ended in March
Advisory group Institutional Shareholder Services (ISS) said earlier this month that shareholders should vote against the remuneration plans.
It said that during the pandemic Ryanair has taken £600million from a Bank of England support scheme, put many of its staff on furlough, and plans to cut around 3,000 jobs.
Last month the business was forced to slash a fifth of its flights in September and October as bookings dropped because of new Covid-19 infection rates.
It is the second year in a row that O’Leary’s pay has been only narrowly passed by shareholders.
Last year his pay package was even more controversial – only 51 per centof shareholders voted for it.