Global Breaking News - Monday, December 23, 2024

Shareholders from the British fashion house Burberry are up in arms about a proposed pay package for its CEO. They rejected a resolution at the company's annual general meeting to provide newly-appointed CEO Christopher Bailey with a multi-million-dollar remuneration deal. The vote was 52.7 per cent against the resolution. Executives proposed to hand Mr Bailey a $12.3 million "golden hello", an annual salary of up to $17 million and shares worth up to $33 million by 2018. The share package has been called a "golden handcuffs" arrangement to stop him from joining a rival company in the next few years. He will also receive add-ons for pensions and performance bonuses.
* shareholder = 주주/ (be) up in arms (about/over/against) = (~에 분개하여) 들고 일어날 태세인/ annual general meeting = 연례(차) 주주 총회/ remuneration = 보수/ hand sb sth = ~에게 ~을 주다/ golden hello = 입사에 대한 특별수당/ golden handcuffs = 직원의 이직을 막기 위한 고액의 돈이나 다른 혜택/ add-on = 추가(부가)물 

Burberry chairman Sir John Peace defended the package. He said he was "disappointed" and would talk to shareholders. He said: "I want to understand why they felt so strongly to vote against." He said the packages for Bailey and his predecessor Angela Ahrendts were to keep "world-class executives" at the company. Under Ms Ahrendts' guidance between 2006 and 2014, the company's sales increased to over $3.4 billion, and shares gained more than threefold to $12 billion. Peace pointed out that many companies around the world would be willing to pay Mr Bailey a lot more. He added that Bailey was "worth every penny". Bailey joined Burberry in 2001 as Design Director and became Creative Director in 2004.
* vote against ~ = ~에 반대투표를 하다/ predecessor = 전임자/ threefold = 3배(겹/중)(의)/ worth every penny = 충분히 가치가 있다