Ryanair has suffered a ‘major shareholder revolt’, with nearly a third refusing to back the re-election of its chairman, and leading City institutions publicly criticising its corporate governance.
There are growing concerns about the independence of the chairman and the management’s ‘souring’ employee relations, 29.5 per cent of shareholders voting at Ryanair’s annual meeting in Ireland yesterday refused to back the re-election of David Bonderman.
It claims that investors are increasingly concerned about Mr Bonderman, who is 75 and has chaired the company for 22 years. As a result of the shareholder revolt, Ryanair boss Michael O’Leary has hinted he might stand down. He said the board wants him to stay as chief executive for five more years after his deal ends in 2019: “I’m not sure whether I want to sign up for another five. The board suggests I should sign up for a longer period. It’s not going to be a difficult conversation. I’m happy to stay for another couple of years.”