Investor revolt over Virgin Money boss’s £100k pay upgrade rises 

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  • The bank suffered a 15% vote against finance chief Peter Bole’s pay
  • Bole, 48, was poached from Tesco Bank in July last year 
  • This year he will pocket £100,000 in shares as part of an extra fixed payment

City & Finance Reporter for the Daily Mail

Virgin Money has been dealt a bloody nose by shareholders over a £100,000 pay rise for finance chief Peter Bole.

The bank, currently facing a £1.6billion takeover bid, suffered a 15per cent vote against bosses’ pay at its annual meeting yesterday.

It is a significant blow for Virgin Money, which seeks to present itself as a more customer-friendly alternative to the big High Street banks.

Virgin Money has been dealt a bloody nose by shareholders over a £100,000 pay rise for finance chief Peter Bole

Virgin Money has been dealt a bloody nose by shareholders over a £100,000 pay rise for finance chief Peter Bole

Virgin Money has been dealt a bloody nose by shareholders over a £100,000 pay rise for finance chief Peter Bole

Bole, 48, was poached from Tesco Bank in July last year and earned £786,000 at Virgin Money from then until the end of the year.

This included a £241,000 bonus and £282,000 to compensate him for payouts he gave up when he jumped ship. 

He also got £44,000 towards his pension and a £219,000 base salary.

This year he will pocket another £100,000 in shares as part of an extra fixed payment, pushing his total earnings up by 20per cent.

As a result, shareholder advisory group ISS urged investors to vote against the company’s pay report, triggering the rebellion.

It comes as Virgin Money mulls a takeover offer from rival Clydesdale and Yorkshire Banking Group.

Its shares fell 3.3per cent, or 11.3p, to 332p.

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