Burberry shareholders reject CEO Bailey's pay package
This weekend, one of the biggest revolts in British boardroom history took place, as shareholders rejected the Burberry chief executive and chief creative officer's pay packet at the company's annual general meeting. After a week of negative press reports, over half of the British label's investors voted against Bailey's new paycheque.
From the beginning Bailey's payday perks seemed to disturb investors...
As well as a base salary of £1.1million and pension contributions of £330,000, he is also entitled to receive up to £6.6million from two annual incentive schemes.
He was even given free shares worth £1.8million when he took the job and an executive discount of 80 per cent.
Additionally, Bailey also receives a 'cash allowance' of £440,000, which is paid in monthly instalments. However, the shareholders' vote was a non-binding one, which means Bailey's pay – which could reach up to 10.3 million pounds this year – will remain stable.