Plus500 suffers huge shareholder revolt against top pay packets
Plus500 has suffered another huge shareholder revolt against its remuneration report.
At the London-listed company’s annual general meeting (AGM), more than 51 per cent of votes were cast against the report which was included in its recent annual report.
At the AGM, more than 22 per cent of votes were also cast against the re-election of Steve Baldwin as a non-executive director.
Despite the votes against, the resolution was still passed.
The high number of votes cast against the remuneration report comes after 65.8 per cent of votes were cast against it at last year’s AGM.
According to Plus 500’s annual report, chief executive David Zruia took home a pay packet of almost $5m for its latest financial year, up from $3.7m.
Group chief financial office Elad Even-Chen also took home the same pay packet and enjoyed the same increase.
In April, Plus500 raised its outlook despite reporting a mixed start to the year.
The company revealed that its revenue in the first quarter of the year increased by 13 per cent month on month but fell by five per cent year on year.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 23 per cent quarter on quarter and fell by nine per cent year on year.
It onboarded 26,897 new customers during the quarter, down from 36,329 in the last quarter of 2024. The number of active customers fell four per cent quarter on quarter to 130,514.
However, the average deposit per active customer increased by 106 per cent during the quarter, to $12,450.
A statement issued to the London Stock Exchange said: “The board of Plus500 notes that 20 per cent or more of votes cast were cast against the board’s recommendation for resolutions three and 11, the latter of which is an advisory vote.
“The board has noted the outcome of these votes, and it takes such matters seriously.
“The board will continue to engage with shareholders and shareholder advisory bodies to ensure their feedback continues to inform the company’s approach to governance and remuneration, while taking into account the specific needs and profile of the company.”