Online trading group Plus500 won’t change plans to hand its top bosses £7m before 2022 despite massive shareholder rebellion against pay scheme
Online trading group Plus500 will not change plans to hand its top bosses £7m for 2022, despite a huge shareholder revolt against its remuneration scheme last week, the Mail on Sunday understands.
Nearly 75 percent of investors voted against raising CEO David Zruia’s salary by 90 percent to £3.6 million and finance chief Elad Even-Chen’s by 76 percent to £3.7 million.
The vote was non-binding, but it was one of the biggest revolts so far this year, with other companies being targeted by their shareholders over current or future compensation plans, including Ocado, Pearson and Unilever.
Rebellion: Some investors would be frustrated with how much detail the company provides on how it calculates bosses’ bonuses
A separate vote on Plus500’s remuneration policy – which sets out the rules for the next three years – was also voted down by more than 20 percent.
Some investors are thought to be frustrated with how much detail the company provides about how it calculates bosses’ bonuses.
The Mail on Sunday understands that the company will not be withdrawing any of last year’s payments, but may make changes to the new policy after the showdown.
Plus500, which is worth around £1.4 billion, was founded in 2008 in Israel.
A spokesperson for the company said Plus500’s share price is up 30 per cent in 2022 and it brought investors more than £210 million through dividends and share buybacks.
The spokesperson added: “The board maintains and will continue to maintain a positive and open dialogue with all shareholders regarding executive compensation.”