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Advisories Split on Outgoing IAG CEO Walsh’s $1.2 Million Bonus

Sept. 2, 2020, 9:53 AM

Shareholder advisory firms are split on whether to support a 883,000 pound ($1.17 million) bonus for outgoing IAG SA Chief Executive Officer Willie Walsh.

Glass Lewis recommended investors back the management-pay plan at the Sept. 8 annual general meeting, saying that Walsh and Chief Financial Officer Steve Gunning had agreed to take 20% pay cuts effective April 1. ISS considers the payout inappropriate given the industry’s deep financial crisis, the Financial Times reported on Wednesday.

IAG, owner of British Airways, has slashed jobs to cope with a Covid-19 pandemic that’s battered demand for air travel. Labor unions and some ...