Belfast Telegraph

Thursday 25 December 2014

Sir Stelios loses easyJet battle

Easyjet founder Sir Stelios Haji-Ioannou has lost his fight against the airline's board after shareholders overwhelmingly backed its multi-million pound pay plans.

Sir Stelios, who speaks for 37.4% of the company's shares, failed to convince enough investors to join him in voting against the company's remuneration report, as well as the re-election of four directors including chairman Sir Michael Rake. Outside of Sir Stelios's vote, the pay deal, which could see ten executives receive shares worth around £8m over the next three years, won 97% of shareholders' votes, while Sir Michael was re-elected with 99.6% of votes.

Sir Stelios, who founded the airline in 1995, accused easyJet's board of softening performance targets to make share payouts for executive directors more easily attainable.

The group sparked a surge in share price last month when it said total revenues were up 16.7% to £763m in the three months to December 31.

Three of the largest institutional shareholders - Standard Life, Sanderson Asset Management and M-amp;G - came out in favour of the board before the AGM.

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Comment

More

Company Profiles

More

Help & Advice

More

People on the move

More