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UK share incentives and corporate governance: Wizz Air pay votes, CEO pay and IPOs survey, deed requirement for options, PGMOL/Aramark tax rulings, CGT planning before Autumn Budget

Published on: 26 September 2024

Published by a LexisNexis Share Incentives expert
Legal News
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In this issue:

  • Corporate governance Q&As
  • Useful information
  • Weekly highlights from other practice areas

Corporate governance

Wizz Air shareholders approve updated pay proposals but with notable votes against

At this week’s AGM, investors in Wizz Air Holdings Plc voted on its pay policy, including a ‘one‑off shift’ in relation to the long‑term incentive plan (LTIP) grants for the senior management team below CEO level for the 2025 financial year. Under this approach, the whole of their LTIP awards will simply comprise restricted shares with time‑based vesting only, and no performance conditions, across a three‑year period. For further details, see: Share Incentives weekly highlights—27 June 2024—Corporate Governance. The resolutions adopting the company’s new remuneration policy and altering its LTIP were approved, yet faced substantial minority resistance, as each resolution attracted more than 30% of votes against. The proposal to reappoint Remuneration Committee chair Barry Eccleston as a director also drew more than 20% opposition. Both measures nevertheless passed despite strong opposition from some investors. Indeed, Wizz Air has regularly encountered shareholder criticism of its pay structures in recent years. At the AGM last year, a quarter of shareholders voted against a move to amend the company’s controversial value creation plan for...

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