Wizz Air shareholders can vote next Tuesday on the proposal that if CEO József Váradi receives a bonus of 100 million pounds, ie more than 42 billion forints at today’s price, if he can increase the price of Wizz Air shares, writes Financial Times. For the huge reward, you would have to get exactly £ 120 worth of shares now listed at £ 45. If you can only increase the value of your shares by 10-20 per cent, you could be offered a reward of between £ 20 and £ 100 million.
The news of the huge bonus has pretty much knocked out collateral in British financial circles, with the British Investors Association issuing a red alert, for example, urging shareholders not to support the proposal. An organization representing investors who own one-third of the UK’s stock then issued a warning after several influential companies advising the world’s largest asset managers, Institutional Shareholder Services and Glass Lewis, also advised their clients not to vote on the huge bonus plan.
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József Váradi in a simulator.
Photo: Koszticsák Szilárd / MTI / MTVA
Wizz Air’s large investors, on the other hand, have no problem with the plan at all, and the company’s board of directors has negotiated with several owners during the development of the proposal. Bill Franke, chairman of Wizz Air’s board of directors and the airline’s largest investor through Indigo Partners, told the Financial Times he had no problem paying Váradi £ 100m because he couldn’t find a better executive for the airline. sector and somehow need to be kept and motivated by the company.
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