Shareholders of luxury British fashion house Burberry have voted to reject a multimillion-pound pay package for the brand's new chief.
Shareholders of luxury British fashion house Burberry have voted to reject a multimillion-pound pay package for the brand’s new chief.
Results of voting at Burberry’s annual general meeting Friday showed that 52.7 percent of shareholders protested the earnings Christopher Bailey is expected to receive.
Bailey was appointed chief executive in May on top of being the brand’s chief designer. He received a one-time award of 500,000 shares worth some 7 million pounds ($12 million) last year and also receives 1.1 million pounds ($1.9 million) in salary, bonuses up to twice the salary and cash allowances.
Friday’s vote was non-binding but it was a rare revolt by shareholders over executive salaries. Chairman John Peace said he was disappointed and he would talk to investors to try to address their concerns.
- Students seeking sugar daddies for tuition, rent
- What's the top spelling 'mistake' in Washington state? The answer could make you sick
- UW receiver Isaiah Renfro opens up about depression, announces he's leaving team
- So the NRA sends a questionnaire to a Seattle state senator ...
- 6 ways to befriend your bones and fend off osteoporosis