Shareholder advisory Pensions & Investment Research Consultants (PIRC) has again criticised Paddy Power Betfair (PPB) governance regarding executive rewards and bonus arrangements, ahead of the FTSE firm’s annual general meeting this Wednesday.
PIRC advises PPB investors to reject the firm’s remuneration report, due to concerns regarding the ‘termination arrangements’ for PPB governance and leadership.
The shareholder advisory points to last year’s €3.7 million payment of former group Chief Operations Officer and Paddy Power (legacy) CEO Andy McCue, which deemed ‘excessive’ by PIRC officials.
Furthermore, PIRC has urged shareholders to oppose the motion which would allow PPB governance to sanction an executive buyback program for up to 10% of the firm’s total holding.
The advisory states that PPB governance have given ‘no clear justification’ for allowing the program. The advisory further details that PPB investors should have a better level disclosure relating to executive targets and bonus incentives.
Dating back to 2014, PIRC has attacked Betfair (legacy) corporate governance and leadership of executive reward misconduct, and not acting in the best interest of its shareholders and their dividends.
Source: SBC News
