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