Burberry shareholders voted in favour of all resolutions proposed at the luxury retailer and brand’s annual general meeting today, including generous remuneration packages for its directors.
Shareholders voted 95.84% in favour of the directors’ remuneration report for the year ended 31 March 2010.
This included a £3.16m pay package for chief executive Angela Ahrendts, including her maximum bonus allowance, and a £1.47m feal for finance director Stacey Cartwright. The packages were rumoured to be causing argument among investors ahead of the meeting.
Marks & Spencer’s remuneration package was also passed by its shareholders earlier this week, although many in attendance voiced their concern over the high pay package given to new chief executive Marc Bolland.
Earlier this month, Tesco faced a revolt over pay as 48% of investors voted against its executive pay policy.
Other motions passed at the Burberry AGM included a proposal to authorise political donations and expenditure by Burberry and its subsidiaries, and another to authorise the directors to allot shares.