June 4, 2019 / 2:18 PM / 8 months ago

Britain's GVC likely to face investor wrath over pay - Sky News

June 4 (Reuters) - Gambling company GVC Holdings Plc is expected to face significant shareholder opposition over its directors pay report for a second straight year at the company meeting on Wednesday, Sky News reported.

Over 40% of shareholders are set to revolt against the company's remuneration report, Sky News said bit.ly/2wzrvXN, even though GVC cut Chief Executive Officer Kenneth Alexander' pay by 150,000 pounds. GVC declined to comment on the report.

In 2018, about 44% of shareholders had opposed GVC’s executive pay report although the resolution passed.

GVC shares tanked in March after Kenneth Alexander and Chairman Lee Feldman together sold 3 million shares of the company at a discounted price of 666 pence, a move seen by investors as a lack of confidence in the bookmaker.

However, the top bosses said they were “fully committed” to the company with adequate support from shareholders.

Feldman, who has chaired GVC since 2008, is expected to leave at or before its annual general meeting in 2020, Sky News had said. (Reporting by Sangameswaran S in Bengaluru Editing by Saumyadeb Chakrabarty)

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