Sep 7, 2017
Ryanair faces fresh shareholder rebellion over executive pay
Ryanair faces a fresh shareholder revolt at its annual meeting this month after adviser groups called on investors to vote against executive pay and the re-election of chairman David Bonderman. An influential trio of advisers - Institutional Shareholder Services, Glass Lewis and Pirc - have recommended investors vote against the low-cost carrier's advisory pay report, flagging concerns about "Poor disclosure" and bonus payments. Last year, almost a fifth of investors revolted on pay, marking the third year in a row when the airline faced significant protests over its remuneration policies. ISS, Glass Lewis and Pirc, whose recommendations are widely used by asset managers and pension funds when deciding how to vote, said the total pay of Michael O'Leary, Ryanair's chief executive, was not excessive, but expressed concerns about how his bonus was calculated. In a statement to the Financial Times, Ryanair said: "We're confident that all of the pay resolutions will be overwhelmingly passed by shareholders this year, as they are each year."
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