Vodafone executives cut share awards by 20% to reflect low stock price

Vodafone executives cut share awards by 20% to reflect low stock price

Vodafone’s (VOD.L) chief executive and finance boss have voluntarily cut their share bonus awards by 20% to reflect the poor performance of the mobile operator’s stock over the last year, during which it cut its dividend for the first time, reports Trend citing to Reuters.

CEO Nick Read, who took the top job in October, will give up about 972,000 shares, worth 1.28 million pounds ($1.60 million) at Wednesday’s share price.

After the cut, he will be awarded 3.89 million shares in the 2020 incentive plan, worth 5.1 million pounds, the company said.

Chief Financial Officer Margherita Della Valle will receive 2.37 million shares under the plan, worth 3.12 million pounds, Vodafone said.

Vodafone’s shares have fallen 19% since former CFO Read became CEO in October 2018, and are down 44% since the start of last year.

The company has struggled in markets like Spain and Italy, with high costs for mobile spectrum in Germany, and with the expensive acquisition of cable assets from Liberty Global.

The pressure on the company’s balance sheet forced Read to cut the dividend in May for the first time, six months after he said the payout was safe.

Vodafone will face investors later this month at its annual general meeting.

Its remuneration report has been approved by 96-97% of the votes cast in recent years.

Institutional shareholder advisory group ISS, however, has recommended a vote against the group’s latest remuneration report.

Glass Lewis, another advisory group, has recommended a vote for, and the Pensions & Investment Research Consultants (PIRC), which has previously opposed Vodafone’s remuneration resolutions, has recommended shareholders abstain.

Adidas, Puma warn of coronavirus hit to China business
Adidas, Puma warn of coronavirus hit to China business
Qatar increases its stake in British Airways-owner IAG
Qatar increases its stake in British Airways-owner IAG
WHO says no indication of coronavirus cases in North Korea
WHO says no indication of coronavirus cases in North Korea
Loading Bars
Latest
New appointments in Azerbaijan Industrial Insurance Company
Tender for park construction extended in Turkmenistan
Azerbaijan's CEC annuls voting results from two constituencies
Baker Hughes expects slower rate in rig count growth
Baker Hughes sees increase in revenues
Belarus shows interest in Georgia’s logistics potential
Iran approves new regulation for cars stuck at customs
Georgian Port Poti leads in cargo handling
President Ilham Aliyev visits monument to great Azerbaijani poet and thinker Nizami Ganjavi in Rome (PHOTO)
ASAN Volunteer School head: Year of volunteers - tribute to activity of all volunteers in Azerbaijan's history
Azerbaijan's International Bank presents special cards for medical services
Saipem becomes partner of Joint Industry Program
Georgia names municipality projects to be financed in 2020
Cargo transshipment from Saudi Arabia through Turkish ports disclosed
Kazakhstan's Bogatyr Coal to increase its production capacities
France will not indiscriminately sign a post-Brexit deal on December 31 - minister
Germany to support Georgia to decrease greenhouse gas emissions
Azerbaijani president arrives in Italy for state visit (PHOTO)
U.S. producer prices post biggest gain in more than a year
Enhancing fishing vessels in Iran endangers marine reserves - Iran Agricultural Jihad
Uzbekistan looks for more flights to keep up with tourist inflow
Number of tourists coming from Belarus to Azerbaijan increases
Azerbaijan Central Election Commission annuls voting results from 4 polling stations
Iranian agricultural company partially pays off debt to saffron farmers
Export of Turkish chemical products to Georgia slightly drops
Volumes of cargo transshipment from Ukraine via Turkish ports disclosed
Iran discloses oil products to be put up for sale at Energy Exchange
Iran confirms first two cases of new coronavirus
Uzbekistan plans to upgrade its logistics efficiency
Georgian bill on development of investment funds to ensure free competition
Iranian banks to cancel loan debts of enterprises
Turkey's cement exports to Uzbekistan down in January 2020
Kazakh president's order to serve as base to establish flights with Lithuania
Ministry: Grain shortage not expected in Azerbaijan
Turkey's exports of chemical products to Israel up
Lithuania talks decrease of cargo traffic from Kazakhstan, plans for its increase
Uzbekistan benefits from participation in textile exhibition in Moscow
Port of Baku, Azerbaijan's waste treatment company ink agreement
Aluminum plant of Azerbaijan's industrial park to export products to CIS countries
Turkmenistan focuses on diversification of oil and gas industry
Kazakhstan looks to expand geological exploration of country's territory
Turkmenistan's Turkmengaz State Concern to purchase geophysical equipment via tender
Turkmenistan's State Concern buys phosphate fertilizers via tender
PEDEC: Skid-mounted processing units to accelerate dev't of Iran's oil fields
Cost of gas exported from Azerbaijan greatly increases
Air France faces new strikes over domestic network cuts
Production of beverages up in Azerbaijan
Uzbekistan's Urgench International Airport opens tender for supply of spray gun
Export of Turkish cement to Turkmenistan increases
Azerbaijan’s insurance company releases information about largest payment
Iran’s foreign trade statistics with Eurasian Economic Union revealed
Urgench International Airport of Uzbekistan announces tender for supply of rear axle
Turkish hospital opens tender to establish microbiological laboratory
Turkey - Kazakhstan trade turnover up in 2019
Turkey reveals volume of cement export to Kazakhstan
Kazakhstan's FlyArystan to open various new routes in Spring of 2020
President Rouhani calls on people to participate in parliamentary elections
Iran's mining sector struggles to cope with high costs, changing rules
Falling under FATF black list to limit Iran's official operations
No EU trade deal without fair competition guarantees - EU adviser
Motor cars rank first in list of top export items in Georgia
How implementation of mandatory health insurance to affect voluntary health insurance in Azerbaijan?
External merchandise trade increases in Georgia
Azerbaijani Energy Ministry to hold auctions for development of renewable energy projects
Uzbekistan interested in Azerbaijan's jewelry industry experience
First international aviation forum starts in Uzbekistan's capital
India promises to solve banking issues in trade with Iran
Azerbaijan increases production of computers
Azerbaijan eyes to increase share of renewable energy sources in electricity production
Azerbaijani native of Shusha urges int'l community to pressure Armenia leave occupied lands (VIDEO)
Adidas, Puma warn of coronavirus hit to China business
Kazakhstan' refineries increase petroleum products output
Bloomberg to sell his company if elected president
Epsilon receives gas inflow at workovered wells of Uzbekistan
Turkey reveals data on its chemical products export to Iran
Italy consistently makes effort to facilitate Azerbaijan’s relations with EU: ambassador
Italy has much to offer to Azerbaijan across all sectors, says envoy
Unemployment rate decreases in Georgia
Bryza: OSCE MG recognized only two parties to Karabakh conflict – Armenia and Azerbaijan
Ambassador: TAP will further strengthen Italy’s role as Azerbaijan’s first trade partner
CPC-Kazakhstan opens tender to purchase spare parts for electrical equipment
Turkey - Russia trade turnover increases
Azerbaijan aims at increasing energy production through renewable energy sources
Sobhani: Azerbaijani president has clear strategy to move towards peaceful settlement of Karabakh conflict
Turkey - Iraq trade turnover increases
TAP’s commissioning to boost Italian-Azerbaijani trade
AFFA urges entrepreneurs to actively participate in UEFA EURO 2020 in Baku
Number of bovine animals decreases in Georgia
Deputy minister discloses amount of investments to be made by Arab companies in Azerbaijan
Oil transportation volume by Kazakhstan's national oil & gas company revealed
Presidents of Turkmenistan, Russia discuss economic partnership
Azerbaijan’s Agency for Development of SMEs to support entrepreneurs at UEFA EURO 2020
Qatar increases its stake in British Airways-owner IAG
Kazakhstan's KazMunayGas increases associated gas production
Georgian Tbilisi municipal budget increases
Baku Stock Exchange holds auction on placement of medium-term government bonds
Azerbaijan’s Agency for Development of SMEs, AFFA sign memorandum on cooperation
Students of Baku Higher Oil School win international innovation competition in Malaysia (PHOTO)
Georgian Tbilisi ranks 3rd in 2020 European best destinations
Germany faces sluggish growth in 2020
All news