To view results of yesterday's easyJet AGM... click HERE

For Stelios' comments... click HERE

For Chairman's statement... click HERE

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Shareholders protest over easyJet executive pay deal
Source: The Herald (Glasgow), 18 February 2011

A shareholder revolt over an executive pay deal jolted the easyJet annual meeting in Luton yesterday, writes Douglas Hamilton.

Sir Stelios Haji-Ioannou, whose family owns a 38% stake in the group, led a protest vote against easyJet's remuneration report.

Sir Stelios and other dissenters expressed opposition to a retention deal for former chief executive Andrew Harrison – in particular, a £1 million six-month fixed agreement.

The no-frills carrier saw 52% of shareholder votes against the company's pay report. A further 25.3 million votes were withheld.

Separately, easyJet said it has appointed Hugh Aitken as its new commercial manager for Scotland.

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Stelios lands blow in Harrison pay battle
Source: Daily Mail, 18 February 2011


Sir Stelios Haji-Ioannou, founder of nofrills airline easyJet, celebrated a minor victory as his revolt against former chief executive Andy Harrison's pay deal attracted some investor support.

More than 50pc of investors ñ including the 38pc held by Stelios ñ failed to back the firm's remuneration deal over Harrison's £2.5m pay packet, which included a £1m retention bonus for six months' work.

Chairman Sir Michael Rake said the payment ñ which cannot be reversed ñ was made in a 'unique set of circumstances'.

Harrison is understood to have been desperate to leave easyJet (down 6p to

377.4p) in frustration at repeated battles with Stelios, but was persuaded to stay and testify in a courtroom branding dispute with the Greek-Cypriot tycoon.

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Stelios in easy win
Source: The Sun, 18 February 2011

easyJet founder Stelios Haji-Ioannou downed the airline yesterday by leading a revolt over a fat cat bonus for its former boss.

Over 52 per cent of easyJet's investors voted against its pay policy following the £1million given to Andy Harrison for six months "consultancy".

Stelios said: "This proves I am not the only shareholder who feels the compensation package was unjustified."

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Sir Stelios spearheads revolt at easyJet
Source: Daily Post (Liverpool), 18 February 2011

Budget airline Easyjet suffered a shareholder revolt yesterday over an executive pay deal that inflamed relations with founder Sir Stelios Haji-Ioannou.

Sir Stelios, whose family owns a 38% stake in the group, led a protest vote against easyJet's remuneration report in anger at a retention deal for former chief executive Andrew Harrison - in particular, a £1m six-month fixed agreement.

The no-frills carrier saw 52% of shareholder votes against its pay report at its annual general meeting in Luton.

A further 25.3m votes were withheld.

Easyjet said it "acknowledged the concern" expressed by some shareholders, but stressed the retention arrangements were made in a "unique set of circumstances".

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Stelios in victory over easyJet pay
Source: Daily Telegraph, 18 February 2011

easyJet founder Sir Stelios Haji-Ioannou has claimed a victory in his campaign against the airline's former chief executive Andy Harrison, after leading a shareholder revolt over a controversial £1m payment.

Boosted by the 38pc stake controlled by the Haji-Ioannou family, easyJet shareholders narrowly voted down the company's remuneration report at the annual meeting in Luton.

Read the story in full

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Stelios in victory over easyJet pay
Source: Daily Telegraph, 18 February 2011

easyJet founder Sir Stelios Haji-Ioannou has claimed a victory in his campaign against the airline's former chief executive Andy Harrison, after leading a shareholder revolt over a controversial £1m payment.

Boosted by the 38pc stake controlled by the Haji-Ioannou family, easyJet shareholders narrowly voted down the company's remuneration report at the annual meeting in Luton.

Read the story in full

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easyJet victory for Stelios
Source: City AM, 18 February 2011

easyJet shareholders, led by founder Sir Stelios Haji-Ioannou, gave the budget airline a bloody nose yesterday after withholding approval for last year's board pay.

Sir Stelios had called for investors to vote down the 2010 pay package, which gave former chief executive Andy Harrison a £1m lump sum on top of his salary even though he left the firm in July.

Shareholder body PIRC advised investors to oppose the pay report because of Harrison's award and "the excessiveness of the maximum potential awards," and the vote against the measures passed by more than 10m votes at the firm's AGM yesterday.

Read the article in full

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Sir Stelios votes down pay package at easyJet
Source: The Independent, 18 February 2011

easyJet's founder Sir Stelios Haji-Ioannou voted down the airline's remuneration package at the annual meeting yesterday in the latest instalment of the long-running dispute with former chief executive Andy Harrison.

Sir Stelios reignited the feud last week by writing to the airline's chairman Sir Michael Rake saying he had not been consulted on the deal to pay Mr Harrison more than £1m for the period from April to September last year, despite Mr Harrison leaving at the end of June.

Read the article in full

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Sir Stelios leads investor revolt over easyJet directors' pay-outs
Source: Financial Times, 18 February 2011

easyJet has suffered one of the biggest shareholder rebellions so far this year as investors led by the company's founder, Sir Stelios Haji-Ioannou, voted against pay-outs to directors made in 2010.

More than 50 per cent of shareholders abstained or voted against a resolution to approve the airline's remuneration report at easyJet's annual meeting on Thursday after Sir Stelios, whose family controls 38 per cent of the airline's shares, said he would oppose a £1m payment to EasyJet's former chief executive Andy Harrison.

The payment was made to keep Mr Harrison in his job until 2010 after he decided to quit in 2009, the year the airline lost its chairman and its finance director in the wake of a public spat with Sir Stelios over easyJet's growth strategy.

Read the article in full

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Sir Stelios leads investor revolt over easyJet directors' pay-outs
Source: Financial Times, 18 February 2011

easyJet has suffered one of the biggest shareholder rebellions so far this year as investors led by the company's founder, Sir Stelios Haji-Ioannou, voted against pay-outs to directors made in 2010.

More than 50 per cent of shareholders abstained or voted against a resolution to approve the airline's remuneration report at easyJet's annual meeting on Thursday after Sir Stelios, whose family controls 38 per cent of the airline's shares, said he would oppose a £1m payment to EasyJet's former chief executive Andy Harrison.

The payment was made to keep Mr Harrison in his job until 2010 after he decided to quit in 2009, the year the airline lost its chairman and its finance director in the wake of a public spat with Sir Stelios over easyJet's growth strategy.

Read the article in full

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Paying the price
Source: The Guardian, 18 February 2011

"The board of easyJet acknowledges the concern expressed by some at the retention arrangements of Andy Harrison," chairman Sir Michael Rake told his shareholders yesterday.

Yes, mere acknowledgement is all that is required of Sir Michael and his colleagues, despite the 172m-versus-162m-vote against the company's remuneration report. Shareholders' votes on pay reports are advisory and do not compel a board to do anything. If Sir Stelios Haji-Ioannou wishes to pursue the matter, that's his choice; legal experts do not think he will get far.

The 160m shares controlled by Stelios and his family comprised the vast bulk of the objectors' tally, so this cannot be said to be a popular uprising. The big City institutions were long ago persuaded that the arrangement with Harrison was struck in a desperate hour - easyJet had just lost its chairman and finance director and was anxious to hang on to its chief executive, especially amid a bitter row with Stelios himself over brand licensing rights.

Nevertheless, events at easyJet illustrate the absurdity of advisory votes on pay. What is the purpose if shareholders' views can be ignored? It would be better to make directors' contracts subject to shareholder approval, thereby obliging boards to negotiate harder, even in "unusual and difficult circumstances" as Rake coyly put it yesterday.

In Harrison's case, the contract lasted only six months: that looks an unusual and easy way to earn a million.

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Stelios threatens legal action against ex-easyJet boss: Budget airline's founder seeks to recoup pounds 1m bonus: Shareholders join him in protest against pay policy
Source: The Guardian, 18 February 2011

Sir Stelios Haji-Ioannou, the major shareholder in budget airline easyJet, is exploring the possibility of legal action in an audacious attempt to recoup the pounds 1m retention bonus paid to Andy Harrison, the airline's former chief executive.

The surprise move follows the group's annual meeting yesterday when shareholders led by the entrepreneur voted against the airline's payments to top executives last year.

A source close to Haji-Ioannou, whose family speaks for about 38% of the company's shares, said: "Now that Stelios has seen the outcome of the shareholder vote he intends to explore all legal options."...

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easyJet shareholders reject ex-boss's deal
Source: The Irish News, 18 February 2011

Budget airline easyJet has suffered a shareholder revolt over an executive pay deal that inflamed relations with founder Sir Stelios Haji-Ioannou.

Sir Stelios, whose family owns a 38 per cent stake in the group, led a protest vote against easyJet's remuneration report in anger at a retention deal for former chief executive Andrew Harrison.

The airline saw 52 per cent of shareholder votes against its pay report at its annual general meeting in Luton.

A further 25.3 million votes were withheld.

EasyJet said it "acknowledged the concern" expressed by some shareholders but stressed that the retention arrangements had been made in a "unique set of circumstances"...

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easyJet shareholders reject ex-boss's deal
Source: Daily Express, 18 February 2011

Stelios leads pay revolt at easyJet. Budget airline easyJet suffered a shareholder revolt over an executive pay deal that angered founder Sir Stelios Haji-Ioannou.

Sir Stelios, whose family owns a 38 per cent stake, led a protest vote against easyJet's remuneration report following a £1million retention payment to former chief Andrew Harrison.

The no-frills carrier saw 52 per cent of shareholder votes go against its pay report at its annual meeting.

Acknowledging "the concern" of some shareholders, it said the payments were made in a "unique set of circumstances".

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Shareholders angry at easyJet executive pay
Source: Western Morning News, 18 February 2011

Budget airline easyJet suffered a shareholder revolt yesterday over an executive pay deal that inflamed relations with founder Sir Stelios Haji-Ioannou.

Sir Stelios, whose family owns a 38 per cent stake in the group, led a protest vote against EasyJet's remuneration report in anger at a retention deal for former chief executive Andrew Harrison - in particular, a £1 million six-month fixed agreement.

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easyJet shareholders vote against bonuses
Source: Tribune de Geneve (Switzerland), 18 February 2011

Shareholders in easyJet have rejected the airline operator's management bonus scheme at the company's AGM, with 51.5 per cent voting against the payments. The result was welcomed by founder and 26 per cent shareholder Stelios Haji-Ioannou, who had called for rejection of the scheme.

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Pay packages "totally unjustified"
Le Temps (Switzerland), 18 February 2011

Shareholders in easyJet have rejected the airline operator's management bonus scheme at the company's AGM, with 51.5 per cent voting against the payments. The result was welcomed by founder and 26 per cent shareholder Stelios Haji-Ioannou, who had called for rejection of the scheme, describing the sums involved as "totally unjustified".

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easyJet shareholders revolt over directors' pay
Source: Wall Street Journal, 17 February 2011

easyJet PLC's (EZJ.LN) shareholders Thursday refused to endorse directors' pay, including the remuneration of former Chief Executive Andy Harrison, marking the latest round in an ongoing battle between easyJet founder Stelios Haji-Ioannou and the budget airline.

At easyJet's annual general meeting, at least two institutional shareholders sided with Haji-Ioannou, who has previously voiced his grievances about the pay package awarded to former CEO Harrison, and the vote to endorse executive remuneration was rejected by a majority of 51.5%.

Read the article in full

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easyJet executive pay deal anger
Source: Press Association, 17 February 2011

Budget airline easyJet suffered a shareholder revolt today over an executive pay deal that inflamed relations with founder Sir Stelios Haji-Ioannou.

Sir Stelios, whose family owns a 38% stake in the group, led a protest vote against easyJet's remuneration report in anger at a retention deal for former chief executive Andrew Harrison - in particular, a £1 million six-month fixed agreement.

The no-frills carrier saw 52% of shareholder votes against its pay report at its annual general meeting in Luton.

Read the article in full

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easyJet founder leads shareholders' revolt
Source: Agence France Presse, 17 February 2011

easyJet shareholders, led by founder Stelios Haji-Ioannou, on Thursday refused to approve last year's pay deal for the no-frills airline's directors, including former CEO Andy Harrison.

The vote was close with 51.5 percent of votes cast rejecting the figures.

Founder and still the biggest shareholder Haji-Ioannou, who holds 26 percent of the capital of the holding company easyGroup, had called for the shareholders' revolt and swiftly welcomed the decision at the company's annual general meeting.

Read the article in full

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Shareholders revolt against easyJet ex-CEO's pay
Source: Reuters, 17 February 2011

easyJet shareholders led by largest shareholder Stelios Haji-Ioannou voted against a resolution to approve directors' pay including the salary paid to former Chief Executive Andy Harrison.

Over 50 percent of shareholders either withheld their vote or voted against approval of the remuneration report at the budget airline's annual shareholders' meeting (AGM) on Thursday.

"This morning's AGM result proves beyond doubt that I am not the only shareholder who feels that Andrew Harrison's compensation package was undeserved and completely unjustified," said Haji-Ioannou, usually known as Stelios, who has a 26 percent stake in the company.

Read the article in full

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Stelios takes on easyJet board in executive pay row vote
Source: Manchester Evening News, 17 February 2011

Budget airline easyJet saw a shareholder revolt today over an executive pay deal that inflamed relations with founder Sir Stelios Haji-Ioannou.

Sir Stelios, whose family owns a 38 per cent stake in the group, led a protest vote in anger at a retention deal for former chief executive Andrew Harrison - in particular, a £1m six-month fixed agreement.

easyJet agreed to pay Mr Harrison £750,000 plus a £250,000 bonus between April 1 and September 30 while it sought a new boss and amid a legal case surrounding a brand dispute with Sir Stelios, which was settled in October.

Read the article in full