Hills exec bonuses scrape through
Just 50.11% of shareholders approve remuneration report at the operator's AGM " includes £1.2m bonus for CEO Ralph Topping.
William Hill’s remuneration report only just received the majority it needed to pass at the operator’s annual general meeting earlier today.
The report, which contains provisions for a retention bonus worth £1.2m for chief executive Ralph Topping (pictured), was passed by 261,059,706 to 259,951,884 or 50.11% to 49.89%. Accounting for the 17,593,989 abstentions, less than half of all available shareholder votes came out in favour of the remuneration package. However, an overwhelming majority or 99.76% voted to keep Topping on as CEO.
Today’s opposition follows a similar uprising in response to Topping’s 13.5% salary hike from 2010 to 2011, with the remuneration report in last year’s AGM receiving just under 176m votes against.
In a statement today, William Hill chairman Gareth Davis said: “Ralph Topping has been instrumental in revitalising the fortunes of William Hill since taking the Chief Executive job in difficult circumstances four years ago,” citing the eGR Operator of the Year‘s 12% revenue growth and 19% operating profit growth in Q1 2012.
“The Board believes this exceptional delivery should be reflected in Ralph Topping’s remuneration and has effected the catch-up in his salary over the last couple of years. As the Board manages the succession highlighted to shareholders last year, we also believe it is in shareholders’ interests to ensure that Ralph remains with William Hill at a critical time in the Group’s evolution and last year put in place a one-off retention package that secures Ralph at least through the end of 2013,” Davis added.
Over the last year Topping has helped the operator rise to second spot in the eGaming Review Power 50, while in January it entered into a “significant” partnership with the Football Association.
The narrow approval from Hills shareholders comes on the same day that Andrew Moss, chief executive of London-listed insurance group Aviva, resigned following the rejection of his firm’s remuneration report.