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.
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