Anger over pay plan for bosses at Mulberry
Sunday 01 September 2013
Luxury-handbag maker Mulberry will face shareholder anger on Wednesday at its annual meeting over a £2m long-term incentive scheme for its bosses.
Corporate-governance body Pirc has issued a statement opposing the remuneration and said it "has not been put to a vote which is considered to be a serious governance failure". Although it is not a requirement for an Aim-listed company it is "considered to be best practice".
Mulberry created the new share options as the previous scheme's value slumped after the group's share price fell 57 per cent since a May 2012 peak.
Chief executive Bruno Guillon joined from French luxury house Hermès last year and has been working on a initiatives to turn the company into a global powerhouse.
The share options for management only vest if they meet "challenging", five-year targets and Mulberry argues the scheme therefore falls in line with shareholder's interests.
More than 83 per cent of the company is not in public ownership and 56 per cent is controlled by Singapore billionaires Ong Beng Seng and Christina Ong and their family.
- 2 Top Gear: Jodie Kidd, Philip Glenister and Guy Martin 'in advanced talks' to join show
- 3 General Election 2015: 14-year-old boy asks Nick Clegg – 'can you kill Katie Hopkins?'
- 4 University student in court for allegedly covering housemates' food in window cleaner and spit
Italian police 'reveal' what Jesus looked like as a young boy
Mysterious 'X-Files' sounds heard miles above the Earth
University student in court for allegedly covering housemates' food in window cleaner and spit
Garland shooting: Isis claims attack on Prophet Mohamed cartoon contest in Texas as its first action on US soil
Met Gala 2015: Beyoncé manages to out-skimp Rihanna, Miley and Kim Kardashian combined with near-naked ensemble
In defence of liberal democracy
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
Andy McSmith's Sketch: Feisty audience is the real star of an enlightening show
iJobs Money & Business
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...
£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...