Investors in Burberry approved boss Christopher Bailey’s £8m pay package yesterday (July 16) despite strongly opposing the deal last year.
Bailey banked almost £8m in pay and benefits during his first year after taking on the dual role of chief executive and chief creative officer at Burberry in May 2014. Last July the size and structure of his pay package was rejected by 53% of shareholders at the brand’s AGM.
Howver 92.3% of the votes cast at yesterday’s annual general meeting supported the pay-out.
Burberry’s retail sales growth slowed to an underlying 8% in the three months to June 30 as a strong performance in Europe failed to fully offset its increasingly sluggish sales in Hong Kong.