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Gambling chief's £11m pay packet 'excessive'

By John Mulligan

Betfair shareholders have been urged by an influential investor advisory body not to approve chief executive Breon Corcoran's bumper £11.6m pay packet at the company's annual general meeting next week.

The embarrassing rebuke comes as Betfair and Paddy Power plot a merger to create the world's biggest online gambling group. Mr Corcoran - a former Paddy Power executive - will lead the combined group.

Advisory group Pensions & Investment Research Consultants (PIRC) said Mr Corcoran's near £1m bonus at Betfair was excessive. Mr Corcoran has also received a £10m golden 'hello' payment that was allocated to him when he joined Betfair in 2012.

His basic salary at Betfair during the last financial year rose from £515,000 to £528,000, while his annual bonus jumped to £953,000 from £706,000.

PIRC has argued that the financial performance of Betfair does not justify the pay received by Irishman Mr Corcoran as total chief executive pay over a five-year period at the gambling firm "is not commensurate with the change in total shareholder return over the same period".

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