The controversial executive bonus plan along with a new long-term incentive proposal will be up for vote by shareholders in December
Earlier this year, Playtech confirmed it is in talks with Flutter Entertainment for the sale of its business-to-consumer (B2C) arm, Snaitech. Then, in September, the company confirmed that the proposed sale of the asset has a price tag of £2.3 billion (approx. $3 billion).
Concurrently, Playtech proposed a directors’ remuneration plan, which proved to be highly controversial. Shortly after information about the bonus proposal, two investors raised concerns, criticizing the plan which seeks to distribute more than €100 million ($109 million).
Remuneration Plan Goes up for Vote on December 19
Now, Playtech confirmed that its shareholders are expected to vote “on a revised directors’ remuneration policy as well as two new long-term incentive plans.” The upcoming vote was confirmed in a filing by the company on Thursday, signed by Playtech’s head of investor relations, Sandeep Gandhi.
In the aforementioned filing, Playtech confirmed that the voting will take place during the upcoming company General Meeting, scheduled for December 19, 2024, at 10 AM. The event will take place in London at Bryan Cave Leighton Paisner LLP, Governor’s House, 5 Laurence Pountney Hill.
“Further to the announcement on 17 September 2024 in relation to the proposed sale of Snaitech, the Board of Playtech announces that a Circular to convene a General Meeting is being published today. The principal purpose of the General Meeting is for shareholders to vote on a revised directors’ remuneration policy as well as two new long-term incentive plans,“
reads an announcement from Playtech
Scheduled Voting Announced After the Departure of an Executive
It remains to be seen whether or not the controversial bonus proposal and the new five-year incentive plan will receive approval. In addition to the criticism of some investors, the proposal raised further questions concerning that a senior executive announced plans to depart from the company the day before confirmation about the upcoming voting was released.
That is the case of Anna Massion, the chair of Playtech’s remuneration committee. Earlier this week, the executive confirmed she plans to step down from her role with the company to “pursue other opportunities.” Massion’s departure is expected to be completed in February next year.
The controversial remuneration plan proposes some €100 million ($109 million) to benefit Playtech’s senior-level team, including CEO Mor Weizer and CFO Chris McGinnis. An extra €34 million ($35.9 million) is proposed to benefit more executive-level figures.
