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Burberry boss faces shareholder revolt at AGM Burberry boss faces shareholder revolt at AGM
(34 minutes later)
Luxury fashion brand Burberry is facing a shareholder revolt at the company's annual general meeting in London.Luxury fashion brand Burberry is facing a shareholder revolt at the company's annual general meeting in London.
Up to a third of shareholders are thought to be unhappy about the pay package of Christopher Bailey, who took over as chief executive in May.Up to a third of shareholders are thought to be unhappy about the pay package of Christopher Bailey, who took over as chief executive in May.
Mr Bailey was granted an annual allowance of £440,000 on top of his £1.1m salary.Mr Bailey was granted an annual allowance of £440,000 on top of his £1.1m salary.
When appointed chief executive, he was also given 500,000 shares in the company, currently worth more than £7m.When appointed chief executive, he was also given 500,000 shares in the company, currently worth more than £7m.
Investors also have concerns about 1.35m shares he was allocated before becoming chief executive, which had no performance criteria attached to them.
At today's valuation, these shares would be worth £19.5m when he is eventually allowed to sell them in several years' time.
In the meantime, the company says he could earn more than £10m a year over the next five years, if the retailer hits its performance targets.
Warnings
The Investment Management Association (IMA), has issued an "amber top" warning about Burberry's pay policy.The Investment Management Association (IMA), has issued an "amber top" warning about Burberry's pay policy.
This is the second most serious censure the IMA, which represents the investment management industry, can give.This is the second most serious censure the IMA, which represents the investment management industry, can give.
In addition PIRC -Pensions and Investment Research Consultants- is advising its members to vote against the company's remuneration report.
Mr Bailey retained his position as chief creative officer when he took over from Angela Ahrendts, Burberry's former chief executive.Mr Bailey retained his position as chief creative officer when he took over from Angela Ahrendts, Burberry's former chief executive.
Earlier this week Burberry announced healthy sales growth, particularly in China.Earlier this week Burberry announced healthy sales growth, particularly in China.
Retail revenues for the three months to the end of June were £370m, up almost 10% from a year earlier, while like-for-like sales increased by 12%.Retail revenues for the three months to the end of June were £370m, up almost 10% from a year earlier, while like-for-like sales increased by 12%.