Thomas Cook faces shareholder backlash over pay
Thomas Cook is facing a backlash from shareholders over executive pay and bonuses.
It has revealed that 25.3% of investors who voted at its AGM opposed its remuneration report.
The tour operator said that shareholder concerns ‘relate to the timing of disclosure of EPS [earnings-per-share] targets in respect of the long-term incentive plan [LTIP] and the level of disclosure around adjustments made for the purpose of calculating the FY15 bonus’.
Shareholders are unhappy that Thomas Cook will only disclose the 2018 EPS targets for its executive share award plan after the LTIPs have paid out, reports the Telegraph.
While the tour operator believes they are commercially sensitive because they essentially amount to a profit forecast.
Thomas Cooks said that it plans to ‘engage further with shareholders during 2016 on a number of matters as part of a planned review of our remuneration policy’.
Investors have also argued that Thomas Cook did not properly explain adjustments made to staff bonuses by the remuneration committee to compensate for the financial impact of last June’s terrorist attack on tourists in Tunisia.
The changes boosted the bonuses by about 10%, reports the Telegraph.
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