SBC News Voice of the Sports Betting Industry
Paddy Power Betfair (PPB) is the latest FTSE-listed company to face a potential shareholder dispute concerning executive pay and compensation.
Issuing a public statement, shareholder advisory group Pensions & Investment Research Consultants (PIRC) has called for PPB shareholders to reject the pay package of former Paddy Power CEO Andy McCue.
Ahead of PPB’s annual general meeting, PIRC has stated that McCue’s 2015 €3.7 million pay package was ‘excessive’
McCue who successfully guided Paddy Power through its +£6 billion merger with Betfair, is reported to have a total pay package of €700,000 in salary with €536,000in bonuses and a €170,000 pension. McCue has additional benefits of €2.3 million in PPB shares.
Following the completed merger of Paddy Power and Betfair, McCue who had been appointed Chief Operating Officer (COO) of the new enterprise, decided to leave the company.
PIRC has had a long history of clashes with Betfair’s board, throughout 2015 the shareholder and corporate governance advisor had urged to veto CEO Breon Corcoran’s £11.5 million reward package
The advisory group continues to detail that Betfair financial accounts do not enable a determination of profits available to shareholders for distribution. Therefore it advises Betfair investors for a move to reject Corcoran’s executive rewards.
