3rd Feb 2017 14:21
LONDON (Alliance News) - Executive payouts at travel company Thomas Cook Group PLC have come under fire from a shareholders' group, according to the Telegraph.
The Telegraph reported on Friday that the Institutional Voting Information Service wrote to Thomas Cook's investors over concerns about the bonus the company's Chief Executive Peter Fankhauser will receive later this year.
Citing a report from Bloomberg, the Telegraph said the investor group hit out at proposed changes to Thomas Cook's long-term incentive plan, which would allow Fankhauser to be given higher pay packets.
Fankhauser was paid GBP1.2 million last year by Thomas Cook, after his pay was cut from GBP4.3 million. The company has already scaled back plans to award him more money this year, after concerns were raised by shareholders.
Thomas Cook is holding its annual general meeting next Thursday. Last year, a quarter of shareholders voted against the remuneration report.
http://www.telegraph.co.uk/business/2017/02/03/investor-group-takes-aim-thomas-cook-chief-executives-bonus/?WT.mc_id=tmg_share_tw
Shares in Thomas Cook were trading up 2.2% at 90.90 pence on Friday.
By Karolina Kaminska; [email protected]; @KarolinaAllNews
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