Investors revolt over 888 boss’s potential £1.3m bonus

by | May 20, 2021

Almost one-quarter of shareholder votes opposed 888’s pay policy in a protest against a potential £1.3m annual bonus for Chief Executive John Mendelsohn.
The gaming company awarded Mendelsohn a 9% pay rise this year, taking his salary to £650,000, and increased his maximum annual bonus to 200% of salary from 150%. The company said it did so to reflect its bigger size and Mendelsohn’s extra responsibilities.

In its annual report 888 said it had consulted shareholders and a small number remained opposed to the increase.

At its annual general meeting on Thursday 24.4% of votes opposed the remuneration policy. 888 said 69.1m votes were cast against the policy and a further 2.8m abstained. Under company law the company has six months to talk to shareholders again and report back.

“The board thanks shareholders for their support for the directors’ remuneration policy and notes that approximately 24% of votes cast opposed the resolution,” 888 said.

There was extensive engagement with shareholders in early 2021 … Amendments were made to the proposals to reflect feedback and the board understood that while the majority of shareholders consulted were supportive, a minority had concerns about the proposed increase to annual bonus. The board will review and consider shareholder feedback received as it implements the new policy.”

The revolt at 888 is the latest in a series of shareholder protests over pay at AGMs in 2021. Pendragon, the car dealer, received only 57.6% support for its pay report, which awarded CEO Mike Wright a big bonus after the company cut 1,800 jobs and accepted government financial support during the pandemic.

Related articles

Ryanair passenger numbers jump 9% in December

Ryanair passenger numbers jump 9% in December

(Sharecast News) - Budget airline Ryanair reported a 9% jump in December passenger numbers on Wednesday. Traffic rose to 12.54 million from 11.52m in the same month a year earlier, while the load factor - which gauges how full the planes are - ticked down to 91% from...

Wizz Are passenger numbers soar in December

Wizz Are passenger numbers soar in December

(Sharecast News) - Hungary-based budget airline Wizz Air reported a strong rise in December passenger numbers as demand continued to rebound from the Covid pandemic. The company on Wednesday said it carried 4,964,857 passengers, an 18.8% increase year on year. For the...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!

x