GVC may face battle to pass pay deals at AGM

The Board at GVC may face a battle to pass two resolutions at its AGM next week regarding executive pay after shareholders were advised to vote against the proposals.

GVC, which operates the betting brands Ladbrokes, Coral & bwin, intends to award CEO Kenny Alexander and chairman Larry Feldman huge share option packages, worth £45m and £22.5m respectively since 2016.

While the figures make eye-bulging reading (they have been criticised for being 550 times the average wage of the company) it is because the company has been doing so well that the amounts have inflated to the size they are today.

The remuneration scheme is linked to the firm’s share price, which hit an all-time high of £10.26 recently, as the company has grown massively under Alexander’s stewardship, not least thanks to the £3.2bn deal he brokered for the Ladbrokes Coral Group.

According to The Guardian, shareholder advice bodies Pirc and Glass Lewis are advising investors to vote against the pay report at the company’s annual meeting in Gibraltar on 6 June.

Last year Bet365 CEO Denise Coates became the best paid boss in the UK with a pay package of over £200m.

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