Executive pay not so safe at Paysafe as shareholders revolt
This year's shareholder spring claimed another victim today, with Paysafe Group shareholders voting against the directors' remuneration report.
At the online payment services company's AGM, which took place on the Isle of Man, only 48.3 per cent of those who cast their ballot voted in favour of the remuneration report.
However, 87.6 per cent voted in favour of the company's proposed remuneration policy, which will be used to calculate boardroom pay for the next three years.
"In the context of approval of its remuneration policy, the company is disappointed at the result of the advisory vote on the directors' remuneration report and intends to continue its dialogue with shareholders on pay and wider governance matters in 2016," the company said in a statement.
Read more: Will more shareholders say no to executive pay?
According to the company's annual report, chief executive Joel Leonoff is being rewarded £6.7m for his efforts in 2015, an increase from the £5m he received for the year before.
The company also issued a trading statement ahead of its AGM, which revealed that it now forecast its full-year revenue to be between $950m and $970m (£645m and £659m), ahead of market expectations of $911m.
"I am delighted to report such a strong performance for the group in the first four months of the year," said Leonoff.
At time of writing, shares in the FTSE 350 company, which is due to publish half year results next month, are trading up five per cent at 409.3p.
Read more: There’s little logic to 2016’s shareholder revolts against executive pay
Leonoff can console himself in the knowledge that he is not the only chief executive to see his pay disapproved of by shareholders this AGM season. Last month, 59 per cent of shareholders gave the near $20m paypacket of BP chief executive Bob Dudley the thumbs down.