EasyJet wins bonus support
EASYJET’S war of words with major shareholder Sir Stelios Haji-Ioannou shows no signs of a cease-fire as the no-frills airline approaches its shareholder meeting later this month.
The carrier yesterday welcomed support from the Association of British Insurers and investor group ISS for its executive pay package.
Advice from these influential groups gives easyJet a better chance of passing resolutions at the firm’s AGM on 23 February.
But Stelios yesterday claimed a “moral victory” after ISS lent its support to altering easyJet’s way of calculating bonuses, which he has long slammed as a “gravy train”.
EasyJet said yesterday it would take independent advice on its methods.
The support from ISS and the ABI comes as a boost for easyJet management in a week when another proxy adviser, Glass Lewis, said it would recommend voting against the remuneration report.
Stelios said in a statement yesterday: “Investors cannot simply rely on a vague promise by anonymous directors. Until the changes are in effect, I am urging other well-meaning shareholders to vote against the remuneration report or withhold their vote as a protest.”