[The Guardian] A fresh row over boardroom pay at easyJet is looming after the airline announced a share award that could see the chief executive, Carolyn McCall, net another £2m on top of her annual salary and bonus of £2m.
Airline defends Carolyn McCall’s performance-related incentive plan amid fears easyJet founder will vote against £2m package: Photo: easyJet
The low-cost carrier said the long-term incentive plan was dependent on tough new targets that would require the company to exceed this year’s record performance.
Stelios Haji-Ioannou, easyJet’s founder and largest shareholder, is understood to be unhappy with the scheme, despite modifications to take into account his criticisms of how return on capital is calculated. He is likely to vote against the directors’ pay package again at the annual general meeting in February, although he sees the real potential for a “shareholder spring” as coming in 2014 when new rules make the vote on pay binding.
McCall has received similar performance-related share incentives each year since joining the airline in 2010. The first batch came to fruition for her this month with just over 300,000 shares, which the former Guardian Media Group boss could cash in from July for £2.2m at current rates. An easyJet spokesman said the shares would……
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The Guardian – Gwyn Topham
18th Dec, 2012
The Airport Informer 