Tuesday, May 8,2012 : SHAREHOLDERS APPROVE WILL HILL REMUNERATION (Update)
Predicted shareholder revolt did not take place, but a warning marker has been placed.
The salary and perks paid to William Hill plc's top-performing CEO Ralph Topping failed to rigger any significant shareholder revolt at the agm Tuesday, with Sky News reporting that the remuneration committee's recommendations had been narrowly accepted.
However, the warning shot was the 49.8 percent vote against the GBP 1.2 million “retention bonus” and 8.3 percent pay rise.
Chairman Gareth Davis emphasised the success that 41-year-service William Hill veteran Topping had once again brought to the table, stressing that the generous award was for success, not failure, and that top notch chief executives, especially with industry experience and acumen, were not easy to find.
“Ralph has done a remarkable job,” Davis said. “He was appointed four years ago in very different circumstances and he has turned round the company’s performance.”
Media and business analysts had predicted that the current trend toward shareholder activism in the UK, and the aversion of shareholders to super-remuneration packages for corporate execs, would spread to the Will Hill agm.