Betfair chief’s salary comes in

Betfair chief executive Breon Corcoran may be close to taking the helm at what will be one of the world's biggest gambling companies, but that didn't stop activist shareholder group Pensions & Investment Research Consultants (PIRC) having a go at his pay packet this week.

The group advised shareholders at the company’s annual general meeting on Wednesday to vote against his pay, which included a £10 million joining award, that vested in full this year.

PIRC argued that it was excessive as it did not tally with shareholders’ returns. While the “say on pay” vote was purely academic, as he has already been paid the money, PIRC presumably felt that the point was worth making.

However, shareholders seemed happy either way, as they approved the remuneration report by 96.79 per cent to 3.21 per cent. The majority was only slightly below the 99 per cent-plus vote that most of the meeting’s resolutions attracted.

PIRC also recommended that shareholders oppose the re-election of chairman Gerald Corbett to the board, as he holds the same role at another FTSE company, Britvic.

His re-election won the support of 93.31 per cent. It was the second-lowest majority of all resolutions passed at the meeting, but hardly enough to derail his reappointment.