Irate shareholders are threatening to intervene in a bonus rewards scheme for the directors at Cineworld, the global cinema chain.
The company, with 536 venues in the US and 127 in the UK, is criticised for having taken millions in government support for its furloughed workers in the past year, yet is planning a share-based distribution of awards to directors worth $35m.
Some major proxy groups are pressuring other shareholders to vote against the new remuneration package at a meeting today, Sky News reports.
Cineworld is the second-largest movie theatre chain in the world and recently picked up a debt lifeline of $750m after it had to close all of its venues.
The long-term incentive plan in the rewards distribution would mean that CEO Mooky Greidinger and brother Israel Greidinger were take major awards based upon the company’s share performance.
