Reuters logo
UPDATE 2-Founder Stelios votes against easyJet director pay
February 13, 2014 / 12:50 PM / in 4 years

UPDATE 2-Founder Stelios votes against easyJet director pay

LONDON, Feb 13 (Reuters) - EasyJet founder Stelios
Haji-Ioannou voted against the 2013 pay plans of the British
budget airline's directors on Thursday, in the latest broadside
from the company's largest investor. 
    Haji-Ioannou, better known as Stelios, has had several
disputes with easyJet's board in recent years and has repeatedly
criticized multi-million pound pay packages awarded to its top
    Of 326 million votes cast, 147 million voted against the
remuneration package. Thomson Reuters data indicates Stelios
owns 147 million shares through a 25.9 percent stake and an 11
percent family holding through a company called Polys Holdings. 
    Stelios founded easyJet in 1995 before quitting the board in
2010 after a dispute over strategy. Since then he has been
critical of many of the airline's plans.
    EasyJet has performed strongly in recent months and reported
annual profits up 51 percent in its financial year to last
   Its shares have risen 75 percent in the last year.
   According to the company's annual report, published in
December, easyJet's chief executive Carolyn McCall in 2013 was
paid a base salary of 665,000 pounds ($1.10 million) and earned
a total 6.4 million pounds including a bonus and other benefit
and share awards, a figure nearly double than the year before.
    McCall, who received the lowest protest vote of all the
directors, is popular among the majority of shareholders given
the strong growth in annual dividends and profit since she took
the helm in July 2010. 
    Last year did not see a repeat of the "shareholder spring"
of 2012 when shareholder activism was high as investors joined
forces to protest against pay packages and executives. This
year's season of annual meetings has just begun. 
    Some 148 shares were voted against easyJet's directors' pay
plans at last year's annual general meeting.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below