Plus500 hit by massive shareholder rebellion

Online trading group Plus500 will not change plans to hand its top bosses £7million for 2022 despite a huge shareholder rebellion against its pay scheme last week, the Mail on Sunday understands.

Almost 75 per cent of investors voted against hiking chief executive David Zruia’s pay by 90 per cent to £3.6million and finance boss Elad Even-Chen’s by 76 per cent to £3.7million.

The vote was not binding but it was one of the largest revolts so far this year, with other companies targeted by their shareholders over current or future pay arrangements including Ocado, Pearson and Unilever.

A separate ballot on Plus500’s pay policy – which lays out rules for the next three years – was also voted down by more than 20 per cent.

Some investors are thought to be frustrated with how much detail the company gives about how it calculates bosses’ bonuses.

The Mail on Sunday understands that the company will not rescind any of the payment for last year but may make changes to the new policy following the showdown.

Plus500, which is worth around £1.4billion, was founded in Israel back in 2008.

A company spokesman said Plus500’s share price rose 30 per cent in 2022 and that it gave investors more than £210million through dividends and share buybacks.

The spokesman added: ‘The board maintains a positive and open dialogue with all shareholders and will continue to do so around executive remuneration.’