Now pay revolt set to move on to William Hill
WILLIAM Hill is today expected to become the latest major British company to face a shareholder rebellion over its chief executive’s pay package.
A series of investors in Britain’s biggest bookmaker are expected to vote against the pay report after a £1.2 retention bonus was set aside for chief executive Ralph Topping.
Sources said, however, that the award, designed to keep Topping at the helm until the end of 2013, reflected the need for stability. William Hill faces a major decision later this year on whether to take up an option to buy out its joint online venture with online gaming software firm Playtech.
Sources also said Topping’s salary was below that of his industry peers when he stepped up to chief executive in February 2008. Chairman Gareth Davis said Topping, a veteran of more than 40 years at the firm, had “turned round” its recent performance.
Shareholder groups have still to be convinced about the payout, however. The Association of British Insurers has put an “amber top” notice on the remuneration report while advisory group Pirc has recommended members abstain.
William Hill posted operating profit for the year to 27 December of £275.7m, compared with £276.8m the year before.