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Prices & Quotes - UK Markets - International Consolidated Airlines Group SA (CDI) (IAG)

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Share Price:
Up 106.85p
Change Today:
6.85p
Market Cap:
5,312m
Sector:
Travel & Leisure

IAG faces revolt over Willie Walsh's pay

By Sean Farrell

Date: Wednesday 02 Sep 2020

LONDON (ShareCast) - (Sharecast News) - British Airways owner IAG faces a potential shareholder revolt over a 3m-plus pay deal for departing boss Willie Walsh during the worst crisis to affect the aviation industry, according to reports.
Institutional Shareholder Services, one of the leading shareholder advisers, has urged investors to vote against IAG's remuneration plan to protest against an 883,000 bonus for Walsh as part of a package worth almost 3.2m, the Financial Times reported.

Walsh's pay was announced in early March before the full impact of the Covid-19 crisis emerged. ISS said there was "ample evidence" at the time that IAG would need to be prudent. Walsh will retire from IAG at the group's annual meeting on 8 September.

The coronavirus pandemic has plunged the airline sector into the worst crisis in its history with business unlikely to return to 2019 for many years if ever. Walsh has cut 12,000 jobs at BA and told remaining workers to accept worse terms and conditions in what he claims is a battle for survival.

IAG has also scrapped its dividend and is planning to raise €2.75bn from shareholders to get through the crisis. BA also took support from government support measures including the Bank of England's Covid corporate financing facility.

"British Airways' use of the CCF draws attention, as the Bank of England has since put in place certain restrictions on companies' ability to pay bonuses to senior executives where they have accessed financing under the scheme," ISS said.

Britain's big investors have told companies to link bosses' pay to the Covid-19 crisis's impact on shareholders and employees. IAG told the FT Walsh's pay was based on last year's performance and that all top managers and directors had taken pay cuts since March.

Glass Lewis, another shareholder adviser, has recommended votes for all resolutions at the AGM.

Tesco's pay report was rejected heavily at its AGM in June after ISS and Glass Lewis opposed a 2.4m bonus for departing boss Dave Lewis. Votes on remuneration reports are non-binding.





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IAG Market Data

Currency UK Pounds
Price 106.85p
Change Today 6.85p
52 Week High 444.41p
52 Week Low 91.00p
Volume 55,708,261
Shares Issued 4,971.48m
Market Cap 5,312m

Performance Indicators

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What The Brokers Say

Strong Buy 14
Buy 2
Neutral 9
Sell 1
Strong Sell 0
Total 26
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

IAG Dividends

  Latest Previous
  Interim Final
Ex-Div 28-Nov-19 04-Jul-19
Paid 02-Dec-19 08-Jul-19
Amount 14.50¢ 16.50¢

Trades for 20-Oct-2020

Time Volume / Share Price
17:06 37,500 @ 106.85p
16:35 5,292,065 @ 106.85p
16:30 37,784 @ 99.38p
16:29 5 @ 107.00p
16:29 190 @ 107.00p

IAG Key Personnel

Chair Antonio Vzquez Romero
CEO Luis Gallego
CFO Stephen Gunning