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		</div><p>Shareholders in the UK have dealt a blow to Burberry over the retailer&#8217;s &#8220;excessive&#8221; executive pay, with nearly a third voting against generous payouts that include a £5.4m (€6m) share award for former boss Christopher Bailey. A tally of proxy votes showed that 31.48% of investors rejected the company&#8217;s remuneration report at its annual general meeting.</p>
<p>It means the resolution provisionally passed with only 68.51% in favour of the pay packets.<br />
One shareholder asked chairman Sir John Peace to explain the remuneration decisions for both chief financial officer Julie Brown and now-president and chief creative officer Chris Bailey, calling their pay &#8220;somewhat excessive&#8221;.</p>
<p>&#8220;To be very clear, the board&#8217;s intent, the remuneration committee&#8217;s intent, is to do what&#8217;s right for shareholders and what&#8217;s right for the business. It&#8217;s not just to do things to be being excessive, for excessive&#8217;s sake,&#8221; Sir John told investors at the annual general meeting in London on Thursday.</p>
<p>&#8220;What we try to do is make sure that we attract and retain some of the best people in the industry.<br />
&#8220;Over the course of the past few years we&#8217;ve been going through quite a significant change &#8230; moving from being a wholesale business into more of a retail and wholesale business and digital.</p>
<p>&#8220;So as we go through that transformation, bringing on board the right people for the future is very important as well as keeping the talent we have within the organisation.&#8221;<br />
mfl</p>
<p>In total, Mr Bailey received £3.53 million for the year to March 31, nearly double the £1.89 million he pocketed a year earlier. Julie Brown, who joined the company at the start of 2017, was awarded £4.7 million, which saw her handed incentives for relinquishing her position as chief financial officer of Smith and Nephew.</p>
<p>Remuneration committee chair Fabiola Arredondo stressed that the company has to &#8220;compete on a global level for talent&#8221;, and as a result has tracked pay benchmarks across the luxury retail sector and been &#8220;actively engaging with shareholders&#8221; over pay in recent months.</p>
<p>&#8220;We&#8217;re also very socio-minded about public attitudes right now in the UK and we try to be good citizens in that context as well. We strike a balance,&#8221; Sir John said. &#8220;But if we don&#8217;t have the best people, the team capable of driving this business forward in the future, I don&#8217;t think shareholders would want that either.&#8221;</p>
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