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 William Hill was forced to face down a shareholder revolt on Thursday after nearly a third of shareholders voted against approving the chief executive's pay raise. The company met huge opposition over its proposal to give Ralph Topping's a raise during its general meeting in London. Almost 176 million votes were cast against the resolution but just over 331 million votes were in favor of the measure, which was enough to push through the proposal. Topping's income will now be increased by more than 50 percent.
A spokesperson for the company defended the company's decision saying that Topping's deserves the raise, "In light of the significant progress that the business has made under his leadership and to ensure that his remuneration is more in line with other companies of our size and complexity, the board has decided to award Ralph an increase in his salary.
"The remuneration of our executives is critical to ensuring that we attract and retain high-caliber individuals and that their interests are aligned with those of shareholders."
William Hill showed a 60% increase in pre-tax profits for 2010 and has made major strides towards entering the US market in the last year. Many credit Topping's for the company solid performance and if that proves to be true perhaps he does deserve a little extra money.
William Hill is not the only company facing outrage from shareholders over the way it pays executives. Earlier this month Xstrata met hostility over its remuneration policy with a whopping 32% of shareholders voting against the proposed payouts to executives.
As always, stay tuned to Casinofan for more news and updates.
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