Executive pay protesters target paddy power-Betfair

The UK-based shareholder advisory group Pensions & Investment Research Consultants (PIRC), which urged Ladbrokes shareholders to revolt on executive pay proposals at the agm last week (see previous report) has shifted its focus to the Betfair-Paddy Power group.

Advisories mailed to shareholders single out soon-to-depart chief operations officer Andy McCue’s remuneration package ahead of the group’s agm, claiming that the former Paddy Power chief executive’s Euro 3.7 million package is excessive.

McCue’s reported total remuneration consisted of Euro 700,000 in salary with Euro 536,000 in bonuses and a Euro 170,000 pension, along with Euro 2.3 million in shares in the merged Paddy Power-Betfair group, the PIRC revealed.

Betfair has previously been targeted by PIRC, which last year urged shareholders to reject a proposed GBP 11.5 million pay and reward package for CEO Breon Corcoran. The action group claims that Betfair’s financial accounts do not adequately enable a determination of profits available to shareholders for distribution.

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