EasyJet board fends off new attack by Stelios
Thursday 21 February 2013
Directors at easyJet have survived the latest onslaught from the budget airline's founder Sir Stelios Haji-Ioannou.
The company's pay report was voted through by a majority of investors - although 44.7 per cent of votes were cast against the board at its annual general meeting in Luton.
The rebellion was driven by Sir Stelios, whose family owns 36 per cent of the group.
The entrepreneur has demanded easyJet review plans to buy more planes and has also campaigned against the group's chairman Sir Mike Rake, who will step down this summer.
Sir Mike fought back against the 44 per cent of investors who voted against him continuing in his role until the summer by pleading for unity at the group.
Exploring the possibility that the group may join the FTSE 100, he said: "It is particularly important in any FTSE 100 company that the company and all of its shareholders understand that it is a FTSE 100 company, and that requires even further emphasis on appropriate, constructive dialogue between shareholder and company, in the interest of London's reputation and of the company's reputation.
"That sort of constructive dialogue should, of course, in the first case be in private."
EasyJet has been one of the industry's strongest performers in recent months. A mixture of higher baggage fees, more spending by passengers midair and speedy boarding and booking fees has helped the company win market share.
The airline is planning to buy 100 new aircraft from either Airbus or Boeing – a move that has upset Sir Stelios, who argues it should not expand capacity because it will reduce profits.
A spokesman for the 46-year-old said: "We are very concerned about the aircraft order – if it goes ahead, Sir Stelios will sell his shares.
"He wants to stay as a shareholder in the company he founded but is not going to follow it to rack and ruin. As long as he is a shareholder, he will remain active."
- 1 Tourist films plane's descent just metres above packed Caribbean beach
- 2 Indian woman creates 'Marriage CV' after parents put her on dating site: 'Definitely not marriage material. Won’t grow long hair, ever'
- 3 World Book Day: Boy 'excluded' from school after dressing up as Fifty Shades' Christian Grey
- 4 Bad Jews poster 'censored' on London Tube
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
Tourist films plane's descent just metres above packed Caribbean beach
Indian woman creates 'Marriage CV' after parents put her on dating site: 'Definitely not marriage material. Won’t grow long hair, ever'
Isis 'bulldozes' Nimrud: UNESCO condemns destruction of ancient Assyrian site as a 'war crime'
Professor Brian Cox brands astrology-believing Tory MP David Tredinnick an 'outlier on the spectrum of reason'
Lynch mob kills suspected rapist in India after dragging him naked for four miles through city
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Durham Free School: 'Creationism taught at' free school facing closure
End of the licence fee: BBC to back radical overhaul of how it is funded
Elif Shafak: Turkish author warns against rise of British nationalism
Ex-head of MI6: 'We shouldn't kid ourselves that Russia is on a path to democracy'
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
iJobs Money & Business
£13000 per annum: Recruitment Genius: This is an exciting opportunity to join ...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£12 - £15 Hourly Rate: Jemma Gent: In this role you will report to the Head of...
£8 per hour: Recruitment Genius: This Pension Specialist was established early...