GVC shareholders rebel over $89.3M executive pay

Investors of UK-listed gambling firm GVC Holdings PLC are up in arms against the “excessively disproportionate” fat paychecks awarded to two of the company’s bosses, totaling £67 million ($89.3 million).

Shareholder advice firms Pirc and Glass Lewis told investors to say no to GVC Chairman Larry Feldman and CEO Kenny Alexander’s hefty payments at the company’s annual meeting in Gibraltar on June 6, according to The Guardian report.

GVC is reportedly awarding Feldman with share options amounting to £22.5 million ($29.99 million), while Alexander is set to receive £45 million ($59.98 million) in share options. Glass Lewis pointed out that Alexander’s pay is estimated to be 550 times greater than what an average employee gets, and thus finding it “excessively disproportionate.”

Remuneration think tank High Pay Centre director Luke Hildyard also shared Glass Lewis’s sentiments, pointing out that the company continued to give out ‘outrageous’ executive pay despite the dissent of at least 45 percent of its investors.