Magazine publisher Future braced for a second investor rebellion over fat cat pay
Magazine publisher Future is bracing for a second investor rebellion today over fat cat pay.
The publisher behind The Week and Country Life faces an annual meeting revolt over a £95million bonus package, which offers up to £40million to chief executive Zillah Byng-Thorne, one of Britain’s best-paid chief executives.
At last year’s meeting a third of Future shareholders voted against the scheme.
Pay revolt: Future boss Zillah Byng-Thorne (pictured) – already one of Britain’s best-paid chief executives – is in line for a £40m bonus
But investor advisory firm Glass Lewis said the company did not ‘sufficiently respond’ to the dissent and it is advising shareholders to vote against the pay policy again.
The scheme could give Byng-Thorne about £40million of shares in three stages, with the first, worth more than £13million, potentially vesting next year.
Byng-Thorne became chief executive in 2014 and has since been paid more than £27million. Under her, shares are up nearly 3,000 per cent in five years.
Her salary rose by a fifth last year to £575,000, and her total pay packet could reach £3.3million with bonuses.
Future said its executive pay is fair and competitive, and supports the long-term success of the business.