Fashion and Beauty
Burberry shareholders revolt over pay package for luxury house’s new CEO Christopher Bailey
Burberry shop in Pacific Place, Queensway, Admiralty, Hong Kong. Photo by Dosdldyhai / Wikimedia Commons.
LONDON—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 per cent 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 ( 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.
