One in three Burberry investors rebel against remuneration plan for ex CEO Christopher Bailey

 
Alys Key
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Bailey is staying on as creative director (Source: Getty)

Almost a third (31.5 per cent) of Burberry shareholders have voted against the company's remuneration plan.

The luxury fashion brand faced opposition to an award of £5.4m in shares for outgoing CEO Christopher Bailey, under whom the company's performance saw successive quarters of decline until recently.

Read more: Strong Chinese growth sews up improved performance for Burberry

Shareholders voted on the proposed pay packet at the company's AGM this morning, at which chairman Sir John Peace said that large awards were all about "retaining talent" and that salaries are benchmarked.

Pensions & Investment Research Consultants (Pirc) recommended voting against the proposals, calling them "unacceptable". Royal London Asset Management also said it would vote against the pay report.

Bailey is stepping down as chief executive to hand over to Marco Gobbetti, but he keeps his second job as creative director.

Read more: Return of the mac is on hold after Burberry shelved its Leeds factory plans

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