Stelios leads rebellion as executive pay splits EasyJet AGM

Stelios, whose family owns a 38 per cent stake in the group, led a protest vote against EasyJet's remuneration report in anger at a retention deal for former chief executive Andrew Harrison - in particular, a 1 million, six-month fixed agreement.

The no-frills carrier saw 52 per cent of the votes cast against its pay report at its annual general meeting (AGM) in Luton.

However, the vote will not see any of Harrison's pay package clawed back as it was a non-binding resolution.

EasyJet agreed to pay Harrison 750,000 plus a 250,000 bonus between 1 April and 30 September while it sought a new boss and amid a legal case surrounding a brand dispute with Stelios, which was settled in October.

Harrison left three months into the contract on 30 June, but was available to offer the firm advice until 30 September.

Harrison picked up a total of 2.5m in salary and bonuses during 2010, including the six-month fixed-cash payment and 1.2m under a "golden handcuff" retention deal agreed in 2009.

EasyJet's recent annual report also revealed he gave up his entitlement to a long-term incentive scheme pay-out of up to 192,325 shares and waived a potential bonus worth up to 590,000 as part of the retention deal.

Stelios, who owns the rights to the "Easy" brand name, claimed he was not consulted on Harrison's fixed-term package either as a director or shareholder.

Shareholder group Pirc also advised investors to reject the pay report, citing Harrison's pay and wider concerns on long-term bonus targets.

Stelios said: "This morning's AGM result proves beyond doubt that I am not the only shareholder who feels that Andrew Harrison's compensation package was undeserved.

"I sincerely hope this is the last time that a bonus is paid without taking the company's financial results into account. No more rewards for failure please."