British Airways’ (BA) parent company is facing a shareholder pay revolt amid criticism of proposals for an “excessive” hike in executives’ share awards despite racking up enormous losses during the pandemic.
Sky News has learnt that International Airlines Group (IAG) is braced for a substantial rebellion at its annual meeting next month after Glass Lewis, one of the major proxy voting agencies, recommended that investors vote against its pay policy.
The recommendation, which may be followed by Glass Lewis’s peers, puts IAG on course to become the latest blue-chip London-listed company to be hit by a shareholder backlash over boardroom pay.
In recent weeks, Ocado, GSK and Pearson have seen substantial votes against remuneration resolutions.
Glass Lewis’s report to clients said IAG’s proposal to increase chief executive Luis Gallego’s maximum share award under its restricted stock plan from 100pc of salary to 150pc was…