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Bwin.Party shareholders on Monday voted a new pay scheme whereby top executives would receive up to 550 per cent of their annual salary. 70 per cent of voters approved the new deal, however, another 30 per cent objected.
Of those 30 per cent, it was telling that founders Ruth Parasol and her former husband Russell DeLeon were among them.
The City reported that, of the 179m votes against the new scheme, nearly 50m came from activist investor SpringOwl – the group that only last week acquired a 6.1 per cent stake in the company. SpringOwl is headed up by Jason Ader, who engaged in an ugly proxy fight at slots maker International Game Technology (IGT).
The vote allows the firm to award chief executive Norbert Teufelberger up to 550 per cent of his base salary and finance chief Martin Weigold up to 435 per cent of his salary.
- Aaron Goldstein, Gambling911.com
