PARIS (Reuters) – Ryanair
boss Michael O’Leary’s proposed 458,000 euro ($540,600) annual bonus came under fire on Friday, as an influential investor advisory firm urged shareholders to oppose the package in a non-binding vote later this month.
Proxy advisor Institutional Shareholder Services (ISS) said the pay award for the financial year ended in March “raises concerns” and was hard to justify amid the unprecedented aviation crisis sparked by COVID-19.
Ryanair declined to comment on the voting recommendation, reported earlier by the Financial Times.
The pandemic is increasing pay scrutiny at companies that have taken government aid or slashed jobs. Criticism of O’Leary’s package follows an ISS recommendation against British Airways owner IAG’s
883,000 pound ($1.17 million) send-off for retiring CEO Willie Walsh.
While both votes are non-binding, any rejection of pay plans by IAG investors on Sept. 8 or Ryanair’s Sept. 17 meeting would be highly embarrassing for either of