Shareholder revolt at easyJet

Budget airline easyJet suffered a shareholder revolt today over an executive pay deal that inflamed relations with founder Stelios Haji-Ioannou.

Haji-Ioannou, whose family owns a 38% stake in the group, led a protest vote against easyJet's remuneration report in anger at a retention deal for former chief executive Andrew Harrison - in particular, a £1m (€1.18m) six-month fixed agreement.

The no-frills carrier saw 52% of shareholder votes against its pay report at its annual general meeting in Luton.

A further 25.3 million votes were withheld.

EasyJet said it "acknowledged the concern" expressed by some shareholders, but stressed the retention arrangements were made in a "unique set of circumstances".