By Maximilian Clarke

After delivering them record dividends nearing £200m, easyJet’s (LSE: EZJ) shareholders have overwhelmingly voted in favour of a generous pay package for the company’s executives despite fierce opposition from the company’s owner.

Minutes from the 2011 annual general meeting suggest a widening schism between the company’s executive management and its founder. However, barring Stelios and his family, shareholders remain in support of the board.

“2011 was a record year for easyJet - it achieved its best ever operational performance, highest ever passengers numbers, high levels of customer satisfaction, highest ever profits and will pay its first ever dividends of around £200m to shareholders. Shareholders have also benefited from a 29% increase in share price over the last 12 months. All of this being achieved against the background of a difficult macro environment.

“It's clear from the proxy votes cast that easyJet's shareholders have overwhelmingly voted with the Board and we thank them for their support. Over 99% of the shares voted by shareholders, other than Stelios and his family, were cast in favour of the Board’s re-election and 97% were voted in favour of the company’s Remuneration Report.

“The board also regrets that Stelios has chosen to block the two special resolutions (which require a 75% majority). Both are standard AGM resolutions and as the votes clearly show this is not what other shareholders want to see happen.

“The Board remains open and committed to constructive engagement with all its shareholders to build on the successes of the past year.”


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