19th Sep 2019 09:54
(Alliance News) - Budget airline Ryanair Holdings PLC on Thursday reported a number of expressions of shareholder dissatisfaction, with almost half rejecting its remuneration report.
Some 49% of shareholders at Thursday's annual general meeting rejected the remuneration report, which passed with 50.5% in favour, Ryanair said.
Other dissent included 30% voting against the re-appointment of Non-Executive Director Howard Millar, 29% rejecting Non-Executive Director Kyran McLaughlin, 25% rejecting Non-Executive Chair David Bonderman, and 22% opposing Non-Executive Director Michael Cawley.
Chief Executive Michael O'Leary, however, received the backing of 98% of shareholders.
Some 29% of shareholders rejected Ryanair's resolution to allow it to allot shares, and 21% rejected the 2019 long-term incentive plan.
The company commented: "Ryanair is, and will continue to, consult with its shareholders, and we will report back to them over the coming year on how the board will adapt its decision making to reflect their advice and input on all these topics."
Ryanair has suffered a rocky few months, with British pilots striking this week, on Wednesday and Thursday, and five more one-day strikes are planned in the rest of September.
There have been numerous disagreements with pilots unions across Europe, with a deal last week reached in Germany, having agreed one in Belgium in May. Other countries that have gone on strike include Ireland, Portugal, and Spain.
Ryanair in July reported a 24% drop in pretax profit for the three months to June, with the company operating in a difficult market due to issues such as rising fuel costs and Brexit.
In March, Ryanair decided all shares held by non-EU shareholders, including those held by UK shareholders, were to lose their right to attend, speak, or vote at company meetings. The ban on non-EU nationals buying shares, which has been in place since 2002, was extended to include UK citizens. The Irish airline's board implemented the resolutions to protect the company in the case of a no-deal Brexit.
Ryanair shares were flat on Thursday morning in London at EUR9.89 each.
Related Shares:
RYA.L