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Vodafone is braced for a bumpy journey over its new boss’s multimillion pound pay package deal because it prepares to face buyers at its AGM this week.
Sky Information understands that one of many fundamental shareholder advisory providers, IVIS, has urged warning over the FTSE 100 telecoms large’s choice to pay Margherita Della Valle a considerably larger wage than her predecessor, Nick Learn, who was successfully ousted a number of months in the past.
Vodafone is not any stranger to public rows over govt pay, though it was unclear whether or not it will face a extreme backlash at Tuesday’s annual assembly.
It reported a blended image of its buying and selling efficiency on Monday, with worth rises contributing to higher-than-expected service revenues, at the same time as its buyer base in Germany, a key marketplace for the corporate, noticed sharp declines.
IVIS, which is run by the Funding Affiliation, has given Vodafone’s pay report an ‘amber-top’ alert, which means that shareholders ought to fastidiously scrutinise their choices earlier than casting their votes.
Glass Lewis, one other service, has really useful voting towards the remuneration report, whereas Institutional Shareholder Providers has mentioned it deserves “certified assist”.
A Vodafone spokesman mentioned: “Our remuneration coverage – the three-year framework – and our annual remuneration stories have been strongly supported at earlier AGMs.
“ISS is supportive of our new coverage and this yr’s remuneration report, and we’re assured that we’ll see good assist from our shareholders this yr too.”
On Monday, Vodafone introduced that Luka Mukic, a former finance chief on the German software program large SAP, would substitute Ms Della Valle as CFO.
Shares within the firm had been buying and selling round 4% larger on Monday, giving it a market capitalisation of £20bn.
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