E-commerce group Plus500 won’t change plans to give top bosses £7m for 2022 despite huge shareholder rebellion against pay scheme
E-commerce group Plus500 will not change its plans to hand its top bosses £7million for 2022 despite a huge shareholder rebellion against its pay scheme last week, according to the Mail on Sunday.
Nearly 75% of investors voted against raising chief executive David Zruia’s pay by 90% to £3.6m and finance boss Elad Even-Chen by 76% to £3.7m .
The vote was not binding, but it was one of the biggest uprisings so far this year, with other companies being targeted by their shareholders over current or future compensation terms, including Ocado, Pearson and Unilever.
Revolt: Some investors are said to be frustrated by the amount of detail the company gives on how it calculates bosses’ bonuses
A separate vote on Plus500’s salary policy – which sets out the rules for the next three years – was also voted down by more than 20%.
Some investors are thought to be frustrated with the amount of detail the company gives on how it calculates bosses’ bonuses.
The Mail on Sunday understands the company will not reverse any payments from last year, but may make changes to the new policy after the showdown.
Plus500, which is worth around £1.4 billion, was founded in Israel in 2008.
A company spokesperson said Plus500’s share price rose 30% in 2022 and gave investors more than £210m in dividends and share buybacks .
The spokesperson added: “The Board maintains a positive and open dialogue with all shareholders and will continue to do so around executive compensation.”