Ryanair has seen off an investor revolt over pay plans that could earn its colourful chief executive Michael O’Leary £90m in bonuses.
The no-frills carrier was warned ahead of its AGM in Ireland that it faced significant opposition to its pay report and it passed by just 50.5% of the vote.
Shareholders have been left angered on several fronts including the fact they have seen no dividend payments since 2016 as the company grew to become Europe’s largest airline by passenger numbers.
Michael O’Leary has run Ryanair since 1994
Its share price has been trading this month at lows not seen since 2014 as it battles continued industrial unrest and the fallout from delays to the delivery of Boeing 737 MAX aircraft, which has forced it to curtail its ambitions and cut services.
Ryanair has signalled it will be seeking compensation from the US aircraft manufacturer after the entire fleet was grounded when a second deadly crash forced Boeing to upgrade crucial flight software and make further improvements.
A total of 189 people were killed on an Indonesian Lion Air flight last October before 157 died aboard an Ethiopian Airlines flight in March.
There is still no word on when the planes will be cleared to fly again, allowing the commencement of deliveries to Ryanair.
Mr O’Leary, the Irish Independent reported, told the AGM that the more efficient aircraft was “critical” for the company and it represented the company’s biggest operational challenge.
The headwinds for Ryanair over the new aircraft delays coincide with a period of wider turbulence for the industry – as stiff competition has brought down fares at a time of higher fuel bills – culminating in some rivals, including WOW, going to the wall.
All resolutions passed at the AGM despite opposition to the re-election of some directors.
A Ryanair spokesman said: “Ryanair is, and will continue, to consult with its shareholders and we will report back to them over the coming year on how the board will adapt its decision-making to reflect their advice and input on all these topics.”