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.
- WWU cancels classes as social-media hate speech is investigated
- Luke Falk likely has concussion but doing ‘real well’
- What national media are saying about Thomas Rawls, Seattle’s playoff hopes
- Seahawks’ Cary Williams makes no excuses after being benched
- Seahawks bringing back RB Bryce Brown, adding depth with Marshawn Lynch's situation uncertain