16th of May 2011 Author: Glo Wood
This week seems to be unlucky for reputable bookmaker William Hill, a third of whose investors rebelled against its remuneration report. In addition to the ones who voted against it, another 4.7 percent abstained from the vote, feeling disgruntled with Chief Executive Ralph Topping's 56 percent jump in salary to GBP 1.65 million, including bonuses, last year.
According to the company, 'In light of the significant progress the business has made under his (Topping's) leadership and to ensure that his remuneration is more in line with other companies of our size and complexity, the board decided to award Ralph an increase." It was also specified that this is the first salary increase for Topping since his appointment as Chief Executive in 2008 after a pay freeze was instituted at William Hill in 2009.
In addition, the situation doesn't seem any better for the company's auditing firm Deloitte, as 12 percent of investors voted against its reappointment since it reportedly earned more from non-audit work than from actual auditing.
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