Topping survives rebels’ vote at William Hill

WILLIAM Hill chief executive Ralph Topping, who last week resigned his Scottish Football Association board commitments because of time constraints, narrowly survived a shareholder rebellion over executive pay yesterday.

Topping, who has worked for Britain’s biggest bookmaker since 1973, will be entitled to a £1.2 million retention bonus, paid in shares, if he stays on until the end of next year.

The company said 49.9 per cent of proxy votes were against the pay package, and 50.1 per cent in favour.

Chairman Gareth Davis said: “We understand shareholder concerns but in this exceptional case believe it was the right thing for the group, the shareholders and the longer-term future of the business that we retain Ralph Topping’s services at this important time.”

Davis said that William Hill – which has had a resilient performance during the economic downturn – was a successful business and the deal was designed to lock in the services of one of the most experienced executives in the industry.

He added: “For a very reasonable additional cost, we have secured Mr Topping’s services I hope well beyond the end of 2013.”

Topping, who has been chief executive since 2008, had a basic salary of £600,000 in 2011 and a total package of £1.71m, up from £1.65m the previous year.

Despite stepping down from his SFA role, he is to continue his duties as Scottish Premier League chairman, a post he has held since replacing Lex Gold in 2009.