Burberry braced for another chequered shareholder meeting
Burberry is expected to face another turbulent annual meeting this week, a year after investor advisory group Pirc urged shareholders to vote against chief executive Christopher Bailey’s “excessive” pay.
The luxury fashion chain, which will hold its annual general meeting on Thursday, awarded Bailey a £7.9m pay package last year, including a £1m salary, a £1.7m bonus and £424,000 in allowances and benefits.
Pirc said the share awards, equivalent to 1,185.4 per cent of his salary, are excessive and has urged shareholders to vote against the pay policies.
The warning comes a year after a rebellion in which 52 per cent of shareholders voted against the directors’ remuneration report, which included a one-off award of shares worth around £15m for Bailey.
Burberry will also update the market on Wednesday, with analysts predicting a six per cent rise in like-for-like sales.