Burberry CEO Burberry donates 700.000 euros worth of shares to charity
In what could be interpreted as a retort to the ongoing controversy surrounding the salary of Burberry CEO Angela Ahrendts, she announced this week she is donating 50,000 shares to the Ahrendts-Couch Family Foundation, a non-profit charitable trust where she is a director but not beneficiary.
In July this year, PIRC, a lobby group urged its members to vote against the luxury fashion house’s remuneration plans. Pirc, which advises pension funds and asset managers, described rewards for executives as "excessive".
It pointed to a one-off £5.8million share payment last year to chief executive Angela Ahrendts, which was equivalent to nearly six times her base salary of £990,000. Pirc has recommended that shareholders vote against the remuneration report at Burberry’s annual meeting on 14 July. No specific targets are disclosed for the annual bonus scheme and awards are made at the discretion of the remuneration committee, Pirc added.