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Burberry under fire for “excessive” pay awards as AGM looms

Burberry is reportedly under growing pressure over “excessive” share awards to outgoing chief executive Christopher Bailey, increasing the likelihood of a shareholder revolt this week.

Shareholder advisory group Pensions & Investment Research Consultants (PIRC) is the latest body to encourage investors to vote against the remuneration report, according to The Sunday Times.

The luxury retailer is holding its annual general meeting on Thursday (13 July).

Outgoing chief executive Bailey, who will remain at Burberry as its creative director, has received a £5.4m share award.

PIRC is said to have claimed the sum was “unacceptable” given “the poor performance … under his management”.

City corporate governance bodies The Investment Association and the Institutional Shareholders Services have also put pressure on Burberry over its remuneration policy in recent weeks.

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