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Betfair chief executive Breon Corcoran received a pay package worth £11.6m last year after the online gambling firm paid out £10m on a golden hello granted when he joined the company three years ago.
The award, revealed in Betfair’s annual report, was paid after the company met two of three financial performance criteria originally required under the deal agreed with Corcoran when he was poached to run the business from rival Paddy Power in August 2012. The third performance hurdle related to Betfair’s return to shareholders compared with rival companies. In an unusual turn of events, this threshold was removed at a shareholder meeting in January.
In a letter to shareholders, Betfair had explained how the third hurdle had been introduced by an administrative error, and that it did not reflect the original terms agreed when Corcoran agreed to leave Paddy Power, relinquishing potential share bonuses, and head up Betfair. At the shareholder meeting, 99.8% of investors sanctioned the removal of the performance threshold.
In any event, this had no impact on Corcoran’s payout because Betfair has comfortably been among the best stock market-listed gambling groups at generating returns for its shareholders over the past three years.
why should he care
The award, revealed in Betfair’s annual report, was paid after the company met two of three financial performance criteria originally required under the deal agreed with Corcoran when he was poached to run the business from rival Paddy Power in August 2012. The third performance hurdle related to Betfair’s return to shareholders compared with rival companies. In an unusual turn of events, this threshold was removed at a shareholder meeting in January.
In a letter to shareholders, Betfair had explained how the third hurdle had been introduced by an administrative error, and that it did not reflect the original terms agreed when Corcoran agreed to leave Paddy Power, relinquishing potential share bonuses, and head up Betfair. At the shareholder meeting, 99.8% of investors sanctioned the removal of the performance threshold.
In any event, this had no impact on Corcoran’s payout because Betfair has comfortably been among the best stock market-listed gambling groups at generating returns for its shareholders over the past three years.
why should he care
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