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

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

 
 

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