EasyJet has fought off an attempt by founder Sir Stelios Haji-Ioannou to prevent chief executive Carolyn McCall from receiving a £6.4 million pay package.
A total of 55% of those who voted at the airline’s annual general meeting did so in favour in of the cash and shares deal, despite Sir Stelios voting his and his family’s 37% stake in the airline against the 2013 remuneration report.
The backing – from the airline’s institutional investors including Standard Life, Prudential and Blackrock – means that McCall will receive the package in full.
EasyJet’s shares have more than doubled since the start of 2013, with its market capitalisation last night standing at £6.75 billion based on a closing share price of £17.18. All but two of the 22 resolutions at the meeting passed.
The two – both special resolutions which required 75% rather than 50% support – were largely technical resolutions.
The airline’s chairman John Barton thanked its investors “for their continued support,” and said the company looked forward to delivering another successful year.
The vote is the latest in a series of run-ins between easyJet’s board and its founder.
Although relations with Barton’s predecessor Sir Mike Rake were particularly frosty, sources indicated that relations have significantly improved since the arrival of the new chairman last May, the Telegraph reported.
Sir Stelios’s representative remained silent during the meeting at easyJet’s Luton head office.