Categories: Business

Burberry investors rejects Christopher Bailey’s pay

Burberry investors have voted against the company boss’s pay package at the annual general meeting in London.

52% of shareholders voted not to support Christopher Bailey’s pay package, in a rare stand against large salaries.

Christopher Bailey, who took over as chief executive in May, has a package worth up to £10 million ($16 million) a year.

Burberry admitted it was “a lot of money”, but said the amount was justified, to keep him in the business.

The company said the vote was “disappointing”.

Burberry investors have voted against the company boss’s pay package

However, it is not binding, so the company will not be forced to change its policy.

Christopher Bailey, who was appointed chief executive in May, has an annual allowance of £440,000 ($705,000) on top of his £1.1 million ($ 1.8 million) salary.

On his appointment, he was also given 500,000 shares in the company, currently worth more than £7 million ($11.2 million).

Investors also expressed concerns about 1.35 million shares he was allocated before becoming chief executive, which had no performance criteria attached to them.

At today’s valuation, these shares would be worth £19.5 million ($31.2 million) when he is eventually allowed to sell them in several years’ time.

In the meantime, Burberry said he could earn more than £10 million ($16 million) a year over the next five years, if the retailer hits its performance targets.

Christopher Bailey retained his position as chief creative officer, when he took over from Angela Ahrendts as chief executive.

Earlier this week Burberry announced healthy sales growth, particularly in China.

Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

White House 2024: Voter Fraud Claims Flood Social Media

Misleading allegations, rumours and outright lies about voting and fraud are flooding online spaces in…

1 day ago

Spain: At Least 158 Killed In The Country’s Worst Flooding Disaster

At least 158 people have died in Spain's worst flooding disaster in generations. On October…

4 days ago

Russia Fines Google $20,000,000,000,000,000,000,000,000,000,000,000, Surpassing Global GDP

Google has been fined two undecillion (a two followed by 36 zeroes) roubles by a…

4 days ago

Financing Your Home Remodel: 7 Tips for Success

Embarking on a home remodel is an exciting journey, promising enhanced comfort, increased property value,…

2 weeks ago

Donald Trump Serves Up McDonald’s Fries While Kamala Harris Celebrates 60th Birthday with Church Choir

The US presidential candidates continued to campaign across key swing states on October 20. Footage…

2 weeks ago

America PAC: Elon Musk Promises to Award $1M Each Day to Swing States Voters

Elon Musk has said he will give away $1 million a day to a registered…

2 weeks ago