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Over 20 pct of shareholders reject Thomas Cook's management pay
February 9, 2017 / 1:08 PM / 10 months ago

Over 20 pct of shareholders reject Thomas Cook's management pay

LONDON, Feb 9 (Reuters) - More than 20 percent of shareholders in tour operator Thomas Cook voted against the board’s planned pay awards for directors on Thursday, including one of its top shareholders.

At the firm’s Annual General Meeting, 21.68 percent of shareholders voted against the Thomas Cook Directors’ Remuneration Policy.

The biggest revolt came over an alternative payment plan called the Strategic Share Incentive Plan (SSIP), where 32.7 percent went against the board. The plan is designed for times where specific near-term goals are needed, and shareholders wanted greater clarity over what those goals might be.

The SSIP will not be used in the forthcoming financial year, the board said at the AGM, and in a concession to unhappy investors, the board will consult shareholders on what the goals should be if it were to be used in the future.

Among those who voted against the board were Standard Life Investments, the company’s second-biggest investor according to Thomson Reuters data. (Reporting by Alistair Smout)

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