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Whitbread on the firing line over executive pay packages during a pandemic | Business News

Premier Inn Hotel Chain owner Whitbread faces investor backlash next week after taking over the executive bonuses generated during the pandemic, frustrating jobs and using state funds to dismiss employees To do.

Sky News has learned that one of the city’s most influential voting services, IVIS, has significantly outperformed Whitbread’s compensation report ahead of its annual meeting next Thursday.

Voting is more advisory than binding, yet one of the UK’s largest leisure companies COVID-19 (New Coronavirus Infection) crisis.

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Whitbread’s board took an unusual approach to reward boss Alison Brittain and senior colleagues

In the case of Whitbread, the board took an unusual approach to reward CEO Alison Brittain and her seniors.

The company has determined that it has earned some of its 2020-21 annual bonus qualifications, but the Compensation Committee has decided not to pay this year and to delay it by 12 months, depending on performance.

Glass Lewis and Pilk advise shareholders on AGM voting, but recommend that Whitbread shareholders approve the compensation report.

One shareholder said the board “balanced” the company’s one-year withholding of variable compensation with substantial government support and motivating management to outperform its rivals during the economic recovery. I took it. “

Another key advisor, the Instituteal Shareholder Service, did not pay the bonus in 2020/21, but said, “If you are awarded the 2020/21 bonus, you will vote more. Sanctions may apply, “he warns and takes an unusual position.Will be paid [next year]”.

IVIS, run by the Investment Association, told investors, “Given the company’s financial performance and the impact of the COVID-19 pandemic, we will have to be happy that it is appropriate. The company will use government support. , Raised funds and stopped paying dividends. “

Morrisons is the UK's fourth largest supermarket chain in terms of market share.
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Morrisons has been hit by investor backlash this week.Photo: Morrisons

This week, supermarket chain Wm Morrison Largest city repulsion So far this voting season, 70% of investors have failed to corroborate their compensation reports.

Whitbread was unable to respond to a request for comment on Friday morning.

Whitbread on the firing line over executive pay packages during a pandemic | Business News

Source link Whitbread on the firing line over executive pay packages during a pandemic | Business News

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