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. Nearly 22% of shareholders also voted against the group’s future remuneration policy and 22.5% opposed the remuneration report. The plans, which would have seen SSIP receive up to 225% of his £ 703,000 ($ £1.6m ) salary, equivalent to 877,453 per year, were voted down by 32.7% of shareholders. The company has now limited the maximum payout to 200% under the strategic share incentive plan ( Fankhauser ) and has confirmed this plan will not be implemented today . 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 SSIP receive up to 225% of his £ 703,000 ($ £1.6m ) salary, equivalent to 877,453 per year, were voted down by 32.7% of shareholders. The company has now limited the maximum payout to 200% under the strategic share incentive plan ( Fankhauser ) and has confirmed this plan will not be implemented today . Thomas Cook will also consult major shareholders before future use of SSIP and with regard to performance targets.