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Shareholders from British fashion house Burberry are up in arms about proposed pay package for its CEO. They rejected resolution at company's annual general meeting to provide newly-appointed CEO Christopher Bailey with multi-million-dollar remuneration deal. vote was 52.7 per cent against resolution. Executives proposed to hand Mr Bailey $12.3 million "golden hello", annual salary of up to $17 million and shares worth up to $33 million by 2018. share package has been called "golden handcuffs" arrangement to stop him from joining rival company in next few years. He will also receive add-ons for pensions and performance bonuses.

Burberry chairman Sir John Peace defended package. He said he was "disappointed" and would talk to shareholders. He said: "I want to understand why they felt so strongly to vote against." He said packages for Bailey and his predecessor Angela Ahrendts were to keep "world-class executives" at company. Under Ms Ahrendts' guidance between 2006 and 2014, company's sales increased to over $3.4 billion, and shares gained more than threefold to $12 billion. Peace pointed out that many companies around world would be willing to pay Mr Bailey lot more. He added that Bailey was "worth every penny". Bailey joined Burberry in 2001 as Design Director and became Creative Director in 2004.

 
 

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