GVC board may face opposition on executive pay at AGM

The Isle of Man-based gambling company GVC’s could face a stormy Annual General Meeting (AGM) of its shareholders next week. The board is trying to pass two regulations at the AGM – both connected to the proposed perks towards top officials. There have been voices against the proposals. GVCboard is planning to offer CEO Kenny Alexander and chairman Larry Feldman mammoth share option packages, worth £45m and £22.5m, respectively, since 2016.

Some have criticised that the package is worth more than 550 times the average wage of the company. While others have maintained that the top executives deserve it as the company has been doing so well and the executives are worth to get the package.

The remuneration scheme is linked to the firm’s share price, which hit an all-time high of £10.26 recently, as the company has grown massively under Alexander’s stewardship, not least thanks to the £3.2bn deal he brokered for the Ladbrokes Coral Group.

According to The Guardian, shareholder advice bodies Pirc and Glass Lewis are advising investors to vote against the pay report at the company’s annual meeting in Gibraltar on 6 June.

Last year Bet365 CEO Denise Coates became the best-paid boss in the UK with a pay package of over £200m.

Source: SBCNews