Burberry shareholders reject CEO Bailey's pay package

Burberry shareholders reject CEO Bailey's pay package

Fashion revolt

Image: Buro 24/7 Russia

Burberry shareholders have voted against the large £28 million pay package received by the new boss of the British fashion house

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.

The Burberry boss, who is creative director at the fashion house, was appointed to the top job of CEO earlier this year, replacing Angela Ahrendts who left to join Apple

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.