The chief executive of Burberry, Rose Marie Bravo, is to receive a pay packet featuring a £12m golden parachute despite dissent amongst shareholders over executive pay at the retail company's annual general meeting.
Link: DTI consults on fat cat pay row
Under the Burberry remuneration, Bravo would receive a pay package of £6.15m and a golden parachute of more than £12m if she were dismissed.
But at the company’s agm yesterday, 30% of shareholders voted against the remuneration package. Although the resolution on remuneration passed with 96% of votes in favour, the breakdown of the proxy votes revealed unease over Bravo’s pay.
John Peace, chairman of Burberry, told reporters after the meeting: ‘Some of the aspects of the package might be considered as not best practice from a UK perspective. But we have to try to balance the views of shareholders against the need to attract and retain the best people.’
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