Shareholder revolt at William Hill

A THIRD of shareholders voting at bookmaker William Hill's annual meeting yesterday either opposed pay awards to directors or withheld their votes in one of the biggest revolts of its kind.

Holders of some 175.8 million shares voted against boardroom remuneration while owners of 331.3 million were in favour with 25.1 million withheld, a statement from the company revealed.

Investors also expressed their displeasure at the group's auditors, with about 12 per cent failing to back their appointment and voting against auditor remuneration or withholding their votes.

William Hill chief executive Ralph Topping pocketed 1.65 million in pay, benefits and bonuses last year, an increase of 56 per cent on 2009. The firm saw a 7 per cent rise in operating profit but its shares fell 8 per cent over the course of the year.

There has been mounting investor unease in recent years about levels of director pay but the backlash at William Hill is much worse than at most other companies.