SHAREHOLDERS in fintech firm Plus500 have revolted against the multi-millionpound pay packet of its two bosses in the first major rebellion of a fractious AGM season marked by resistance over executive pay.

At its AGM, some 65 per cent of investors in the London-listed Israeli trading platform voted against last year's remuneration package for chief executive David Zruia and finance boss Elad Even-Chen.

Plus500 revealed it paid Zruia and Even- Chen $3.7m each last year.

The resistance follows a similar backlash in 2023 in which investors rejected the pay report for the previous year. In their recommendations to shareholders ahead of the AGM this year, both ISS and Glass Lewis said the company's response to the rebellion over pay last year had not been rigorous enough.

"There remains significant scope for more robust disclosures" about pay, ISS said.

Plus500 stressed the vote was "advisory" and said it would now engage with investors to determine a route forward.

"[The board] takes the outcome of shareholder votes extremely seriously and will engage with shareholders and shareholder advisory bodies to ensure their feedback continues to inform the company's approach to governance and remuneration taking into account the specific needs and profile of the Company," Plus500 said.

Shares in the fintech firm, which floated in London in 2013, have climbed some 43 per cent over the past year, with the company currently worth around $1.73bn.

However, it is among scores of companies to now face resistance over pay from the two top shareholder advisory firms, ISS and Glass Lewis.

The scale of the rebellion at Plus500 is likely to crystallise the concerns among City figures that uncompetitive pay packets are damaging the ability of London to recruit.

(c) 2024 City A.M., source Newspaper