Betfair shareholders told to reject CEO reward package

Betfair shareholders told to reject CEO reward package

Friday, September 4, 2015 Totally Gaming
PIRC was critical of Breon Corcoran's pay

Betfair shareholders have been advised to reject chief executive Breon Corcoran’s £11.5m (€15.7m/$17.4m) reward package at next week’s annual general meeting (AGM) by a leading corporate governance advisor.

Pensions & Investment Research Consultants (PIRC) has recommended a ‘no’ vote on September 9 by stating that Betfair’s improved financial performance under Corcoran’s leadership, has not been met with appropriate compensation and dividends for its investors.

PIRC, which also advised shareholders not to approve the reappointment of KPMG as auditors, last year called on Betfair shareholders to reject the company’s annual report amid accusations of having “paid illegal dividends in 2011, 2012 and 2013”.

Betfair last month announced that it had agreed a merger with fellow gaming operator Paddy Power, with Corcoran set to become chief executive of the combined entity.

Meanwhile, Darren Shapland is to retire as Ladbrokes chair of audit committee ahead of the company’s proposed merger with Gala Coral.

The former chairman of supermarket Sainsbury’s and chief executive of Carpetright has spent six years as a non-executive director at Ladbrokes and will depart on September 24.

“Darren has made a significant contribution to the business over the past six years,” said Ladbrokes chairman Peter Erskine. “His insights have been hugely valued, and on behalf of the board, I wish him every success in his future endeavours.

“A search for a successor is progressing well with the aim to find a candidate who will go on to be part of the board for the proposed Ladbrokes Coral plc.”

 

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