James Moore: The going is good so who will rock boat on pay?
Outlook AGM season is upon us, and that means another bust-up over pay at easyJet.
The airline's remuneration report has squeaked through with the support of 55 per cent of shareholders. Leading the dissidents was, of course, Sir Stelios Haji-Ioannou, who founded the company and still owns in excess of a third of the shares. Sir Stelios thinks he's paying the current executives too much for running the company. And he's probably right.
EasyJet's shares have been on a tear, hitting a succession of all-time highs, and its executives are going to get rich, even though the company's recent success has been due in no small part to an industrywide recovery.
Rivals such as Ryanair and even International Airlines Group have also been bravura performers. If you take shares owned by Sir Stelios and family out of the equation, the rebellion was a muted one. Sir Stelios has annoyed the City and while some institutions privately agree easyJet's bosses are paid too much, they're so fed up of his interminable battles with them that they won't vote alongside him.
Will they exercise their votes when it comes to other companies that have also enjoyed a recovery in fortunes at least partially as a result of factors quite outside their executives' control? That's an interesting question.
The stock market has performed strongly, share prices are ahead, institutions' funds are looking good. So everyone's happy and they may be disinclined to rock the boat.
Last year's "shareholder spring" made a lot of noise and produced some good headlines, but it didn't actually resolve very much. It may be as good as it gets.
- 1 I'm A Celebrity 2014: Jungle security stepped up after murder and 'suspicious death' near to camp
- 2 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 3 Jeremy Hunt: 'I took my children to A&E because I didn't want to wait for GP appointment'
- 4 Girl, 7, gets Tesco to remove 'stupid' sign suggesting superheroes are 'for boys'
- 5 This letter from a reader explains why women can’t play football
Sarah Vine criticises lesbian mother Jack Monroe: 'If she was unsure about her sexuality, she should have taken greater precautions'
Black Friday 2014: Opening times for Asda, John Lewis, PC World, GAME and Argos
Three-year-old boy accidentally shoots dead his mother in Tulsa, Oklahoma, as she changes her younger daughter's nappy
Michael Brown shooting: Driver smashes into crowd as protests erupt across the US during a second night of unrest
Jeremy Hunt: 'I took my children to A&E because I didn't want to wait for GP appointment'
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Ukip says babies born to immigrants in the UK should be classed as migrants – which would include Nigel Farage’s own children
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
Exclusive: UK approved £7m Israeli arms sales in six months before Gaza conflict
iJobs Money & Business
£16000 - £18000 per annum: Langley James : IT Support; Helpdesk, VMware; Manch...
£35000 - £450000 per annum + £3k car, £70k ote: h2 Recruit Ltd: Do you want to...
£Attractive Package: Citifocus Ltd: Prestigious financial institution seeks to...
£Negotiable: Citifocus Ltd: Experienced operational risk professional with ban...