Flutter Entertainment said it has been engaging with its largest investors on executive pay and will use those conversations to inform a new policy.
The owner of Paddy Power said in a statement that feedback will help shape its final proposals and it will provide a final update in its 2022 annual report.
Flutter made the statement six months after its Annual General Meeting at which nearly a third of shareholders voted against plans for a large pay increase for the group’s CEO and chief financial officer.
We understand that a minority of shareholders had concerns with the level of base salary increases awarded and felt unable to vote in favour of the resolution on that basis,” it said.
The company said its Remuneration Committee had consulted with shareholders in 2021 on proposals to bring the pay scale of its executive team in line with the current U.K. and wider global markets in which it operates.
The new remuneration policy will be put to the vote at the 2023 AGM.
In April, investors approved a 26 percent hike for CEO Peter Jackson, taking his base pay to GBP1.17 million ($1.34 million), while CFO Jonathan Hill will receive GBP715,000.
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