Thomas Cook is under pressure for its bonus plans ahead of this week’s annual meeting
Thomas Cook is under pressure from shareholders relating to bonuses plans for chief executive Peter Fankhauser.
The travel firm will host its annual meeting on Thursday, and one shareholder group has questioned whether the firm is providing enough about a proposal that could see Fankhauser pocket up to £1.6m a year.
Institutional Shareholder Services (ISS), which represents around 20 per cent of investors, has come out against the proposal.
In a note seen by Morning Wire ISS specifically questioned the criteria for Thomas Cook paying Fankhauser up to 225 per cent of his base salary, saying the travel business “has not provided enough information on the possible strategic objectives to be selected.”
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A quarter of shareholders voted against the firm’s remuneration plans last year, fighting plans to award Fankhauser shares worth 200 per cent of his base salary, with Thomas Cook responding by cutting the award to 165 per cent.
Fankhauser took the helm at Thomas Cook in 2014, having previously led the overseas and European businesses of Switzerland-based tourism firm Kuoni.