Major gambling software supplier Playtech had the euphoria of announcing good progress this year blunted by investors giving the company a bloody nose over its executive pay intentions.
For the third year in a row shareholders voted against the company’s remuneration report. This time nearly 64 per cent of them were up in arms at the bonus scheme for CEO Mor Weizer.
Nearly one-third of the votes were also cast against the re-election of non-executive director Ian Penrose, who is also chairman of the company’s committee that sets pay levels.
The AGM upset happened despite Playtech’s insistence that it had held talks with shareholders on the pay situation and that significant progress had been made. Last year 41.8 per cent rejected the pay report and the year before the negative reaction was 59.4 per cent.