Thomas Cook shareholders revolt

Thomas Cook shareholders rebuked the company’s board today for shifting bonus targets in the wake of the volcanic ash cloud.

Nearly half of shareholders’ votes failed to back the remuneration section of the company’s annual report, which contained revised bonus goals, originally set in 2007, for the most senior 100 staff.

The shareholder meeting in London saw 53.2% of all votes in favour of the report, with 34.1% against and another 12.7% of votes withheld.

The sizeable protest vote came after the Association of British Insurers (ABI) issued its most serious “red top” alert in relation to the bonus award scheme.