It was recently reported that Burberry's newly-appointed CEO, Christopher Bailey, is one of the highest paid in the UK, earning about £10.3 million this year (about $17.3 million). The one downfall with people knowing about how much you make is that it will attract all the wrong attention and, maybe for good reason, concerns on how the company's money is being spent.
Some of Burberry's shareholders are not too happy with the new CEO’s pay, reports Vogue, with a focus on the the fact that Bailey's salary isn't performance-based. His annual allowance of £400,000 (about $685,000) ranks up to be the highest, compared to other CEOs of companies listed on the London Stock Exchange. Three "influential advisory bodies” raised their concerns and asked the company to reconsider Bailey’s pay before the shareholders meeting.
Burberry issued a supplementary note to its shareholders to clarify Bailey's pay before the meeting. The note read that the £440,000 (about $553,891) allowance given to Bailey is a "means of providing him with an increase to his fixed remuneration without increasing other elements of his remuneration."
The note added: "For example, if the allowance had been provided as an increase to his salary, this would have substantially increased the value of his annual bonus share awards and pension allowance."