EasyJet founder Sir Stelios Haji-Ioannou is to oppose the pay of its senior staff at the airline’s AGM.
Sir Stelios, who remains the airline’s largest shareholder with a stake of 37.4%, told the Sunday Telegraph he was deeply concerned at pay levels in the company, particularly for the 10 members of its management team.
He told the newspaper he will vote against the airline’s remuneration report at its AGM. Last year Sir Stelios used the meeting to protest against the retention payments made to the outgoing chief executive Andrew Harrison, which led to 51.5% of shareholders abstaining or voting against approving the pay report.
The Telegraph said the billionaire has sent a 20-page presentation to shareholders setting out the reasons for his refusal to back the airline’s remuneration policy, including what he described as a "phoney calculation" which has been used to award £7m shares in the company’s long-term incentive plan to the top 10 members of the management team led by chief executive Carolyn McCall.
EasyJet chairman Sir Michael Rake described Sir Stelios’ accusations as "inaccurate and misleading".
By Linsey McNeill
