easyJet plc’s AGM was held on Thursday, 13 February 2014. At first blush, it looks like easyJet just got over the line for both the Implementation Report and the Remuneration Policy (at 55.5% and 55.0% respectively). Indeed, you may think there is a lesson to be learned. However, the fact that the Haji-Ioannou family hold 37% of the shares, combined with Sir Stelios’ much publicised disapproval of the remuneration package of the CEO, Carolyn McCall, these numbers should perhaps be taken with a pinch of salt if trying to assess how the new regime has affected shareholder confidence. Remember also that the 2013 DRR vote (under the previous regime and therefore advisory) saw a vote in favour of 55.3%, which ultimately means the 2014 result is not as eye-watering as it first appears.
Remember, the GC100 and Investor Group suggested that votes against in excess of 20% might be considered significant enough to warrant disclosing the reasons for the vote against, along with the actions taken to address investor concerns, in the next DRR. Given that such a considerable block of shares sits in the hands of one investor, easyJet has to decide whether this number of votes against its Implementation Report and Remuneration Policy is “significant” for it.
Next up is Sage Group on 6 March 2014, by which time we are likely to be well into the publication season for December year-end companies. We will continue to keep this site, and the online pdf which contains links to all FTSE 100 DRRs as they are published, up-to-date.
