Ryanair investors revolt on £129 million O’Leary deal

Budget airline Ryanair has seen more than a third of shareholders vote against pay plans for boss Michael O’Leary that could net him £129 million.

The Dublin-based carrier revealed nearly 40 per cent of investors at its annual general meeting rejected the plan.

However, the deal looks set to go ahead after receiving a majority of votes in favour.

Ryanair says it will “consult with shareholders to understand the reasons behind the result.”

Ryanair announced earlier this year that it had agreed a new contract under which Mr O’Leary will be given an option to buy ten million shares at £23.13 each if profits exceed £3.4 billion, or if its share price goes above £37.

The group said the option would be subject to Mr O’Leary staying with the group until April 2032, as well as “very ambitious” performance targets.

Mr O’Leary has been chief executive since 1994 and has been on the group’s board since 1988.

The mammoth pay deal comes as Ryanair faces soaring cost pressures, in line with many rivals in the sector.

It said in July that quarterly profits slumped by more than a third to £462 million for the three months to the end of June.

Earnings were hit by surging jet fuel prices, as well as a six per cent drop in average fares.

This offset six per cent growth in passenger numbers to 61.3 million and a one per cent rise in overall revenues to £3.72 billion.

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