Luxury
fashion brand Burberry is facing a shareholder revolt at the company's annual
general meeting in London.
Up
to a third of shareholders are thought to be unhappy about the pay package of
Christopher Bailey, who took over as chief executive in May.
Mr
Bailey was granted an annual allowance of £440,000 on top of his £1.1m salary.
When
appointed chief executive, he was also given 500,000 shares in the company,
currently worth more than £7m.
The
Investment Management Association (IMA), has issued an "amber top"
warning about
Burberry's pay policy.
This
is the second most serious censure the IMA, which represents the investment
management industry, can give.
Mr
Bailey retained his position as chief creative officer when he took over from
Angela Ahrendts, Burberry's former chief executive.
Earlier
this week Burberry announced healthy sales growth, particularly in China.
Retail
revenues for the three months to the end of June were £370m, up almost 10% from
a year earlier, while like-for-like sales increased by 12%.
BBC
Business
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