SHAREHOLDERS at
Proxy voting agency Glass Lewis told investors to vote against the policy at
"We expect the [remuneration] committee to show restraint in its granting practices when a company has seen a steep decline in share price," the firm told shareholders.
"Further, we note that it is common practice for committees to reduce grant levels for share based incentive awards in such circumstances."
"He did not receive his long-term incentive [2018 and 2019] and his 2020 bonus, [and he] decided to forego his £900,000 bonus in 2021 in addition to undertaking voluntary salary reductions in 2020 and 2021," the group said.
Aviation analyst
In 2020
"Although the rationale for the pay reward to Gallego may be based on internal corporate policies, it gives out the impression of airlines engaging in 'fat cat' rewards when consumers are feeling the pinch," Gethin said.
(c) 2022 City A.M., source