Investors wield knife but Ryanair survives shareholder revolt
Ryanair’s under-fire chair David Bonderman survived a shareholder revolt this morning, as nearly 30 per cent of investors voted against his re-election.
Senior Ryanair directors Howard Millar and Kieran McLaughlin were also subject to an investor backlash, with voting approval of 78.5 per cent and 66.8 per cent respectively.
Non-executive directors Charlie McCreevy and Declan McKeon also chose not to seek re-election at today's annual general meeting.
A number of investors yesterday pledged to vote against the long-serving chairman following criticism over the airline's corporate governance.
Investor Royal London Asset Management (RLAM), which said it would be voting against Bonderman’s re-election, slammed the airline’s “poor stakeholder management”.
Read more: Ryanair investor Royal London to oppose re-election of chair at AGM
Ryanair has come under pressure from investors and customers alike following a summer of strike action from a number of pilot unions over pay and working conditions. They have also raised concerns about corporate governance, suggesting that Bonderman's 20 years at the helm is threatening the independence of the board.