LONDON (Dow Jones)--Budget airline easyJet PLC (EZJ.LN) faces possible shareholder opposition over its executive remuneration policy at Wednesday's annual general meeting.
Pension and Investment Research Consultants, or PIRC, is urging shareholders oppose the remuneration report vote. In particular, targets attached to the executive share option scheme are "insufficiently challenging" and combined awards under the company's incentive schemes are "potentially excessive," PIRC said in a report released this week.
PIRC also said that it doesn't consider a signing-on bonus paid to new Chief Executive Andrew Harrison as "acceptable remuneration practice."
EasyJet founder and board member Stelios Haji-Ioannou owns about 17% of the airline's shares but along with other family members controls about 41%. Iceland's FL Group (FL.IC) has around a 16% stake in the airline.