Wizz Air is facing a shareholder rebellion at its annual meeting this week over amendments to a pay plan that could hand boss Jozsef Varadi a £100 million bonus.
Proxy adviser Pirc has told investors to vote against the reward as well as last year’s pay scheme and the re-appointment of two directors.
A third of shareholders in the Hungarian budget airline voted against the £100 million bonus package when it was put forward in 2021.
Looking ahead: Wizz Air says it expects to return to profit by the end of this financial year
Varadi, who co-founded Wizz in 2003, must meet a series of targets for it to be paid, including a rapid rise in the share price and environmental goals.
The £2.5 billion firm has now proposed changes, as Varadi has extended his term.
Pirc called the plans ‘highly excessive’ saying executives, ‘particularly the chief executive, could receive huge bonuses for changes outside their input or control’.
Wizz Air says it expects to return to profit by the end of this financial year.
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