Mr. O’Leary’s salary sparked controversy when it was announced in February 2019. The bonus is triggered if annual profits double to € 2 billion “and / or” the share price reaches € 21 for a period of 28 days between April 1, 2021 and March 31, 2024.
Royal London, one of Ryanair’s smaller institutional investors at the time, said the price was “totally inappropriate”.
The salary is said to exceed that of Jeff Fairburn, the former managing director of Persimmon, who resigned after receiving £ 75million tied to the homebuilder’s share price.
Last week, the Wizz Air boss, who has modeled himself on Ryanair and plans to overtake his Irish rival in the coming years, received shareholder support for a £ 100m bonus plan. József Váradi’s payment, opposed by a third of investors, will be paid if the airline’s share price rises two and a half times.
Ryanair has not commented on the airline’s bonus plan. In 2018, Mr. O’Leary said, “My take on shareholders who vote against my salary is this: if you don’t like it, don’t vote against, sell your shares. ”