Earlier this week, the Church of England, a major institutional investor, said it had written to the 350 biggest companies on the stock market, warning them it would block excessive boardroom pay deals. Travel company Thomas Cook has reduced the maximum amount that can be awarded to CEO Peter Fankhauser under a new long-term bonus scheme following opposition by shareholders. The plans, which would have seen Fankhauser receive up to 225% of his £703,000 ($877,453) salary, equivalent to £1.6m per year, were voted down by 32.7% of shareholders. In an interview with BBC Radio 4’s Today programme, Mr Fankhauser said he was “very disappointed” at the outcome and had been working on plans for some time now. Thomas Cook will also consult major shareholders before future use of SSIP and with regard to performance targets.
Travel company Thomas Cook has reduced the maximum amount that can be awarded to CEO Peter Fankhauser under a new long-term bonus scheme following opposition by shareholders. The plans, which would have seen Fankhauser receive up to 225% of his £703,000 ($877,453) salary, equivalent to £1.6m per year, were voted down by 32.7% of shareholders. In an interview with BBC Radio 4’s Today programme, Mr Fankhauser said he was “very disappointed” at the outcome and had been working on plans for some time now. Thomas Cook will also consult major shareholders before future use of SSIP and with regard to performance targets.