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IAG faces shareholder revolt over executive pay
British Airways owner IAG is facing a revolt with shareholders with a call to vote down a pay award for its top executive.
IAG investors are being advised to reject a new remuneration policy with a one-off share award for IAG CEO Luis Gallego.
They will vote on it at IAG’s annual general meeting later this month.
Last year Gallego earned £4.6m, up from £3.1m the year prior as global travel demand soared.
“The one-time award is tied to operating margin performance above the company’s medium-term ambition,” said proxy adviser ISS, which is urging shareholders to reject it.
“While the company’s rationale is noted, material concerns are identified with the concurrent operation of the one-time award and the existing restricted stock plan.”
Shares in IAG have almost doubled in the past year, valuing the group at about £15 billion.
IAG is also the parent of Iberia, Vueling and Aer Lingus.
The firm reinstated its first post-pandemic dividend last year after earnings reached around £1.1 billion.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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