Sir Stelios seeks allies in pay clash

Kasmira Jefford
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SIR STELIOS Haji-Ioannou is set to meet three of easyJet’s key shareholders this week in a bid to win backing for his fight against the airline group’s boardroom pay plans.

The airline’s billionaire founder, who controls a 37.4 per cent stake, is calling for investors to vote down the company’s remuneration report ahead of the annual general meeting on 31 January. A straight vote of more than 50 per cent against the plans would be massively embarrassing for the board, which is chaired by former KPMG grandee Sir Michael Rake.

Sir Stelios argues that plans to award around £7m in bonus shares to the airline’s senior staff are based on “phoney” and “self-serving” calculations. Sir Michael responded by calling Sir Stelios’ letter “inaccurate, inappropriate and misleading.”