The spring of dissent among shareholders gathered momentum today as a majority of investors in William Hill refused to back the pay of the bookmaker’s chief executive at its annual meeting.
Demonstrating their concerns about a £1.2 million “retention” package awarded to chief executive Ralph Topping, 49.9% of William Hill’s shareholders voted against the company’s remuneration report today. With abstentions, 52% did not back the report.
Topping’s retention bonus was made to ensure he stays with the firm until at least the end of next year. The share award is equivalent to twice his salary and is not linked to performance criteria.
Shareholder Bernard Hyde said of Topping’s bonus: “I’m not okay with it. It’s a cosy arrangement between the remuneration committee and the board,” and another shareholder asked why, only weeks after Topping had said how much he loved the business and had never been more enthusiastic about running it, “they offered him a whacking great incentive to stay?”
Chairman Gareth Davis leapt to Topping’s defence, declaring: “We have no intention of changing the arrangement in place,” adding that Topping was “the best chief executive in the business”.
