A pay deal for Ryanair group chief executive Michael O’Leary that could see him take home €99 million passed by a margin of just half a per cent at the company’s AGM yesterday.
Just 50.5 per cent of shareholders approved the pay package, which is conditional on O’Leary doubling Ryanair’s profit or share price. The new deal has seen his pay and maximum annual bonus cut in half to €500,000, and he was given 10 million share options.
The company reportedly said his remuneration is “considerably lower than many other European airline chief executives”.
It comes as the airline is cutting hundreds of jobs, blaming a dip in profits and Brexit uncertainty, as well as in the midst of a pilot strike in the UK that includes 21, 23, 25, 27 and 29 September. The carrier has been able to maintain its British schedule on previous strike days related to the same dispute over pay and conditions.
Following the AGM results, a spokesperson for Ryanair said the company “is, and will continue to, consult with its shareholders, and we will report back to them over the coming year on how the board will adapt its decision making to reflect their advice and input on all these topics”.
Earlier this year, O’Leary signed a new contract to stay on with the company until 2024, but in a new role as group CEO. Chief people officer Eddie Wilson took up the role as chief of the Ryanair airline on 1 September and reports to O’Leary, along with the CEOs of Laudamotion and Buzz (formerly Ryanair Sun).