May 28 / 2018
Latest News / Editorial

GVC faces shareholder rebellion over £67m payout to bosses

Investors advised to vote against disproportionate pay packets

GVC is facing rebellion from shareholders after the ‘excessively disproportionate’ amount of £67m was paid to two of its bosses.  The payouts were included in the terms of GVC’s takeover of Ladbrokes Coral last year.

Chief executive, Kenny Alexander, has been awarded £45m in share options since 2016, whilst chairman, Larry Feldman, has picked up share options worth another £22.5m.

Investors are being advised by the shareholder advice bodies Pirc and Glass Lewis, to vote against the pay report at the company’s annual meeting in Gibraltar next week. Glass Lewis described Alexander’s pay as ‘excessively disproportionate’. His pay, which hit £19.4m in 2016, is about 550 times that earned by average employees.

Luke Hildyard, Director of the remuneration think tank the High Pay Centre, described GVC’s decision to continue to award such large pay packers as outrageous, especially considering that 45% of investors failed to support the company’s pay policy at its AGM last year.

“Clearly they’ve completely disregarded the strong vote against last year and are continuing with a similar approach to pay,” Hildyard said. “You’d hope that there will be an even stronger vote against this year.”

However, Hildyard pointed out that such votes are only advisory in nature, with investors only entitled to a vote on company pay policies once every three years.

“This case demonstrates that even when shareholders do oppose egregious awards, which doesn’t happen often enough; the company doesn’t have to do anything about it.”

GVC shareholders notionally waved through the payouts because they were included in the terms of its £3.2bn takeover of Ladbrokes Coral last year, which won overwhelming support from investors.

GVC, a FTSE 250 company with its headquarters on the Isle of Man but mainly operating from Gibraltar, will hold its annual meeting on 6th June.

 

Share this entry: gplus-button facebook-button linkedin-button twitter-button
or go back to NEWS page
Array
(
    [0] => stdClass Object
        (
            [ID] => 140002
            [post_title] => EveryMatrix gains Associate Member status in the European Lotteries Association
            [post_date] => 2020-07-09 14:57:38
            [post_name] => everymatrix-gains-associate-member-status-in-the-european-lotteries-association
        )

    [1] => stdClass Object
        (
            [ID] => 139996
            [post_title] => ThunderSpin announces content agreement with BetConstruct
            [post_date] => 2020-07-09 14:41:13
            [post_name] => thunderspin-announces-content-agreement-with-betconstruct
        )

    [2] => stdClass Object
        (
            [ID] => 139984
            [post_title] => Experiencing a mysterious world with Pragamtic Plays new title Drago - Jewels of Fortune
            [post_date] => 2020-07-09 13:34:48
            [post_name] => experiencing-a-mysterious-world-with-pragamtic-plays-new-title-drago-jewels-of-fortune
        )

    [3] => stdClass Object
        (
            [ID] => 139990
            [post_title] => Yggdrasil and AvatarUX launch latest PopWins gameWildPops™
            [post_date] => 2020-07-09 13:27:58
            [post_name] => yggdrasil-and-avatarux-launch-latest-popwins-gamewildpops
        )

    [4] => stdClass Object
        (
            [ID] => 139985
            [post_title] => GrooveGaming recognised as one of the 10 Best Technology Solution Providers of 2020
            [post_date] => 2020-07-09 13:16:35
            [post_name] => groovegaming-recognised-as-one-of-the-10-best-technology-solution-providers-of-2020
        )

)
Book pass today!
今天就预订你的门票
Affiliates register free.
Low fee for all other delegates.
Find out now.

网上代理注册免费
其余参与代表也只需要很低的价格
Book Your Pass!

latest magazine

SiGMA Aftermovie

Upcoming Events

LATAM Digital Summit

22/09/2020

The inaugural SiGMA LatAm is set for Sep 22-24 with a virtual summit focusing on three themes: SiGMA LatAm Focus, AIBC LATAM, and SiGMA Deep Tech.

Learn More