Shareholders protest over executive pay at GVC Holdings
The parent company of Ladbrokes Coral has become the latest firm to be the subject of a shareholder revolt in protest against the pay given to the company's leadership.
GVC Holdings held their annual meeting in Gibraltar on Wednesday when nearly 44 per cent of the votes cast were against approving the remuneration report.
Shareholder advice groups had told investors to reject the report after chief executive Kenny Alexander and chairman Lee Feldman between them picked up share options worth around £67 million over the last two years due to a scheme linked to the firm's share price.
GVC's remuneration committee chair Jane Anscombe said: "We acknowledge this feedback and thank those shareholders who have already spoken with us and explained their reasons for not being able to support this resolution.
"We've sought to balance the views we've heard from shareholders with the clear need to appropriately reward and retain our successful management team, and we are committed to continuing this dialogue with our shareholders."
Only 57 per cent of the votes cast were in favour of re-electing director and remuneration committee member Peter Isola and Feldman added: "The board has been made aware through communications during the voting process of shareholder concerns relating to Peter Isola's perceived independence.
"To address these concerns Peter will step down with immediate effect from the remuneration committee and we will engage with dissenting shareholders on this issue after we have reviewed the voting analysis."
GVC's share price ended the day down 12p at 1,036p.
Last month William Hill's pay policy failed to gain the support of 30 per cent of votes at their annual meeting.
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