Ladbrokes shareholders vote against directors’ pay rate

Ladbrokes has announced that its shareholders have voted against its remuneration report due to concerns over executive pay.

At its annual general meeting this week, 42% of the bookmaker’s shareholders voted against the report.

According to the Daily Telegraph newspaper, Ladbrokes chief executive Jim Mullen, who has been in his role since March of last year, was paid a total of £567,000 (€718,800/$820,100) for his nine months with the firm.

Mullen’s predecessor Richard Glynn earned £734,000 in the previous 12 months, as well as almost £4.3 million in 2013, due to the payment of several long-term incentives.

Finance director Ian Bull, who left the bookmaker in February, was paid a total of £715,000 last year, up from £503,000 in 2014, with both executives also picking up a bonus of approximately 25% of their respective salaries.

In a statement, the bookmaker said that it “understands the concerns expressed by some shareholders” over payments made to Bull, who left the company ahead of its proposed merger with Gala Coral. Bull was able to retain a performance-related share package worth £600,000, which some shareholders said was not in line with the firm’s policy.

Ladbrokes also said that the views of its shareholders will play a “key part” in its remuneration strategy in the future.

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