Shareholder revolt: anger over executive pay at Ladbrokes Coral owner GVC

Shareholders protested against executive pay at the parent company of Ladbrokes Coral for a second consecutive year on Wednesday when nearly 42 per cent of votes cast at GVC Holdings' AGM in Gibraltar were against approving the directors' remuneration report.

Last month the company's annual report revealed GVC chief executive Kenny Alexander had been paid £19.1 million in total last year, including nearly £16.4m in 'legacy awards' relating to GVC's acquisition of gambling company bwin in 2016.

Chairman Lee Feldman received £8.5m, all but £350,000 of which came from legacy awards.

It was recently reported Alexander had agreed to take a £150,000 cut in his basic salary to £800,000 in order to calm investors' anger.

Jane Anscombe, chair of GVC's remuneration committee, said the committee was "naturally disappointed" with the vote. She added: "We engaged extensively with shareholders ahead of the annual general meeting and would like to thank them for their helpful and constructive input.

"We understand that some shareholders ultimately felt unable to support the remuneration report, in part due to our legacy arrangements, which going forward no longer form part of our remuneration framework.

"We will be engaging with shareholders further in the coming months to listen and reflect on their views on remuneration at GVC. Looking forward, our remuneration policy is due for renewal at next year’s AGM and the committee will also seek to engage with shareholders during this process."

Alexander and Feldman were criticised in March for selling GVC stock worth £13.7 million and £6m respectively, shortly after the company had announced its annual results when Alexander had described GVC as being "significantly undervalued".

Alexander subsequently pledged not to sell any more shares while he was at the helm.

GVC shares closed up 2.46 per cent at 625p on Wednesday afternoon.

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