Ryanair shareholders revolt over O’Leary pay package
Nearly half of Ryanair’s shareholders have voted against a pay package for chief executive Michael O’Leary that could see him trouser €99 million (£88m) within five years.
The Irish airline, which is planning to cut 500 to 700 jobs, said that only 50.5% of investors voted in favour of the company’s remuneration report at its annual general meeting in Dublin today.
As a result, a spokesman said the airline would consult with its shareholders.
The vote came during the second day of the latest 48-hour strike by Ryanair’s UK-based pilots.
Under the new pay deal, O’Leary, who signed a new contract earlier this year to remain as chief executive until 2024, stands to make €99 million from stock options if he doubles Ryanair’s profit or share price.
His pay and annual bonus have been halved to a maximum of €500,000 each, but he has the right to buy 10 million shares for €11.12 each then sell at the market price if Ryanair makes a €2 billion profit in any year up to 2024, or its share prices reaches €21 for a period of 28 days from April 2020. He would then pocket the difference.
The airline’s profit dropped to €948m in the year to March 31 compared to €1.6 billion in the previous 12 months. Its shares are currently trading at €9.84.
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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