Billionaire trader Michael Spencer faces a shareholder backlash over his £18.5m bonus
Trader Michael Spencer wants to get his hands on £18.5m in bonuses early
Billionaire trader Michael Spencer has suffered a major shareholder rebellion over his pay.
Spencer’s firm Nex asked investors to wave through a pay deal that will allow Spencer to pocket £18.5million in bonuses years earlier than planned, as part of Nex’s takeover by American rival CME Group.
Some 40 per cent of shareholders voted against the plan at the business’s annual meeting.
Advisors ISS had urged investors to vote against the deal as it meant Spencer could pocket bonuses in full without having to hit performance targets.
In response, a Nex spokesman said: ‘In the event that the offer does not complete, the board will review and respond to the feedback from shareholders.’
The £3.9billion CME deal will make 63-year-old Spencer one of Britain’s richest men, landing him a £670million windfall from his 17 per cent stake.
- Former Dixons Carphone bosses were handed massive pay rises at the struggling firm – and then jumped ship. The top team of Seb James, Humphrey Singer, Andrew Harrison and Katie Bickerstaffe were paid a total of £8.3m in 2017-18 – up from £5.1m the previous year. They have all since quit their jobs at the firm.