EASYJET founder Sir Stelios Haji-Ioannou has won the backing of Glass Lewis, an influential shareholder advisory body, in his latest campaign to curb excessive top-level remuneration packages at the budget airline.
The US firm, which advises institutions holding £9.6 trillion worth of investments, has recommended that shareholders vote down the directors’ remuneration report at the annual general meeting on 23 February.
Sir Stelios (pictured) is furious with the firm over a pay deal that could award ten executives shares worth some £8m over the next three years based what he called “phoney” bonus calculations.
Glass Lewis’ report said: “We are concerned that the company’s long-term remuneration structure fails to adequately align executive and shareholder interests.”
In a statement released yesterday, Stelios – who controls a 38 per cent stake – said the report marked “a significant step in forcing our board to put shareholder interests first – ahead of their own”.
Glass Lewis also advised News Corp investors in October last year to vote against the re-election of Rupert Murdoch’s two sons in protest at the phone-hacking scandal.
EasyJet declined to comment.
