On the Beach responds to concerns over financial chief’s salary
On the Beach has promised to take on board feedback from shareholders when considering executive directors’ pay in the future after concerns were voicedover a pay rise awarded to its chief financial officer.
A significant minority of shareholders voted against the directors’ remuneration report at the company’s annual general meeting in February due to CFO Paul Meehan’s pay rise from £253,000 a year to £310,000 a year from October 2018.
In a statement to the London Stock Exchange today, On the Beach said that the Board believes his salary increase ‘resulted in an appropriate market posiitioning’ as Meehan has become more established in his role and taken on a wider range of responsiblities since his appointment in 2017.
Since the company’s major shareholders were supportive of the changes being made, and more 80% voted in favour, no action has been taken, it said.
On the Beach added that no further concerns have been raisd by shareholders following the AGM in relation to this specific issue or remuneration more generally.
"The Remuneration Committee has however noted the concerns raised by some of its shareholders and the proxy organisations as part of the engagement process prior to the AGM," it said today.
"The Remuneration Committee will reflect on this feedback as it considers the remuneration of the Executive Directors for future years, whilst maintaining focus on alignment with the best interests of shareholders and also with the Company’s overarching reward principles."
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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