A shareholder body has urged investors in Ryanair to reject boss Michael O’Leary’s €2.5 million pay packet at today’s annual general meeting.
Pensions and Investments Research Consultants (Pirc), an advisory group representing large investors, claims O’Leary might be overpaid.
It’s the third year in a row that Pirc has warned that the Ryanair chief executive’s pay could be out of line with performance, said City A.M.
Pirc has recommended investors reject the airline’s annual report at today’s AGM saying: "There is a lack of disclosure with respect of targets and measurable criteria for variable remuneration, which prevents shareholders from making an informed assessment."
It claimed Ryanair could be ‘overpaying O’Leary for underperformance’.
Pric also cited concerns about the independence of Ryanair’s nine non-executive directors, including former employees and major shareholders.
It also claimed that allowing non-executives to take part in the airline’s share option scheme was contradictory to standard governance rules.
