Wizz Air’s controversial £100m bonus plan for CEO voted through by shareholders
A £100m bonus is one step closer for Wizz Air boss Jozsef Varadi, after more than 60 per cent of shareholders gave the airline’s remuneration strategy the green light at its AGM today.
Investors in the budget airline voted 68 per cent to 32 per cent in favour of its “Value Creation Plan”, a strategy that could see the boss awarded the huge bonus if he can increase its market cap to more than £12bn.
That would require Wizz Air to more-than-double its current value.
The airline recieved another bloody nose from investors as its overall remuneration policy was voted through by a similar margin.
Despite the investor resistance, Wizz said in a statement to the London Stock Exchange it’ll now press on with the growth strategy and the lucrative award for its top executive should it reach the target.
“The Board understands the issues raised by certain shareholders but is wholly satisfied that the adoption of the Value Creation Plan, the new Remuneration Policy and the Wizz Air Omnibus Plan, all of which are designed to generate superior returns based on the achievement of market leading targets, are in the best interests of the Company, its shareholders and other stakeholders.”
Shares in Wizz ended the day’s trading up 0.8 per cent to 4,659p, double what they were at the start of the Covid-19 pandemic.