Almost 15% of Ryanair’s shareholders voted against the airline’s remuneration report at yesterday’s AGM following warnings that boss Michael O’Leary’s €2.5 million pay might be too high.
Advisory group Pensions and Investments Research Consultants (Pirc) had urged shareholders to reject the remuneration report and Ryanair’s accounts for the year to the end of March, 2016.
However, the airline said shareholders had approved all resolutions by ‘substantial majorities’.
There was an almost unanimous vote in favour of accepting the accounts and 85.18% voted to accept the remuneration report.
Pirc had warned that O’Leary’s pay might be out of line with performance, but the airline told shareholders at the meeting that its profits last year increased by 43% to €1,242 million.
It also outlined the success of its ‘Always Getting Better’ customer experience improvement programme, which it said had enabled it to raise its full year traffic forecast to 117 million passengers.
The airline expects to make a full year net profit of between €1,375 million and €1,425 million this year.
