Burberry shareholders approve new CEO pay policy despite investor opposition

Shareholders of Burberry have backed a new executive pay policy that could see the luxury brand’s chief executive Joshua Schulman receive total remuneration of up to 12.24 million pounds, despite opposition at the company’s annual general meeting.

According to a new AGM filing, 64.6 percent of votes supported the directors’ remuneration policy, while 35.4 percent voted against. A separate resolution amending the Burberry Share Plan received 63 percent support and 37 percent opposition.

Under the revised structure, performance share awards worth up to 300 percent of his salary could be issued to Schulman, whose maximum potential package is linked to meeting performance targets as well as increasing the brand’s share price to 50 percent.

The votes come amid an ongoing turnaround led by Schulman, who joined as CEO in July 2024. Burberry returned to profit in its latest financial year, reporting adjusted operating profit of 160 million pounds, up from 26 million pounds a year earlier, while it has also cut costs and jobs and refocused on core products including outerwear and scarves.

Burberry said it would continue engaging with shareholders following the vote against the proposals and provide an update within six months.

Investors also approved William Jackson as the company’s new chair, replacing Gerry Murphy. Jackson’s appointment was announced earlier this year. He brings to the role extensive experience from his tenure at Bridgepoint Group, where he oversaw investments in consumer-facing businesses like Pret a Manger.