Burberry investors have voted against chief executive Christopher Bailey’s pay and perks package, worth more than £20m, at today’s annual general meeting.
Just over half (52%) of shareholders opposed Bailey’s controversial pay package, which includes an annual allowance of £440,000 in addition to his £1.1m salary. On his promotion from creative director to boss of the British brand in May, Bailey was handed 500,000 shares in the company, currently worth more than £7m.
As the vote is not binding, Burberry does not have to change Bailey’s package.
Bailey’s predecessor Angela Ahrendts, also received a controversial £387,000 annual cash allowance to cover costs such as her car, driver and Burberry wardrobe.