SBC News GVC may face battle to pass pay deals at AGM

GVC may face battle to pass pay deals at AGM

The Board at GVC may face a battle to pass two resolutions at its AGM next week regarding executive pay after shareholders were advised to vote against the proposals.

GVC, which operates the betting brands Ladbrokes, Coral & bwin, intends to award CEO Kenny Alexander and chairman Larry Feldman huge share option packages, worth £45m and £22.5m respectively since 2016.

While the figures make eye-bulging reading (they have been criticised for being 550 times the average wage of the company) it is because the company has been doing so well that the amounts have inflated to the size they are today.

The remuneration scheme is linked to the firm’s share price, which hit an all-time high of £10.26 recently, as the company has grown massively under Alexander’s stewardship, not least thanks to the £3.2bn deal he brokered for the Ladbrokes Coral Group.

According to The Guardian, shareholder advice bodies Pirc and Glass Lewis are advising investors to vote against the pay report at the company’s annual meeting in Gibraltar on 6 June.

Last year Bet365 CEO Denise Coates became the best paid boss in the UK with a pay package of over £200m.

Check Also

Bet365 becomes first European operator to go live in Kentucky

SIS expands gaming product to third US state with bet365

SIS Content Services – part of SIS Group (Sports Information Services) – has partnered with …

SBC News bet365 signs with Bulgaria’s EGT Digital for Eastern European growth   

bet365 signs with Bulgaria’s EGT Digital for Eastern European growth   

Bulgarian gaming brand EGT Digital has inked a new partnership with gaming provider bet365 to …

SBC News Entain’s bwin launches special fan experience ahead of the UEFA Europa League final 

Entain’s bwin launches special fan experience ahead of the UEFA Europa League final 

Entain-owned sportsbook brand bwin is giving football fans the opportunity to play a match on …