Ryanair is in the grip of an investor revolt after half of shareholders voted against a bonus scheme for boss Michael O’Leary that could see him earn £88.56m over five years.
Just over 50 per cent of the airline’s shareholders voted for Ryanair’s remuneration report, in which Ryanair was seeking approval for a new long-term incentive plan for senior managers.
The carrier said the new deal would allow senior management to receive regular annual awards, including whole shares rather than share options, with rewards pegged to performance based on three-year targets.
Nearly a quarter of investors also voted against the re-election of chairman David Bonderman, who suffered a similar backlash last September following the airline’s summer of strikes.
Other bosses that felt investors’ fire were non-executive directors Michael Cawley, Kyran McLaughlin and Howard Millar.
Ryanair said in a statement: “Ryanair is, and will continue to, consult with its shareholders, and we will report back to them over the coming year on how the board will adapt its decision making to reflect their advice and input on all these topics.”
Ryanair shares were down 0.50 per cent at the time of writing.