888 bracing for shareholder revolt

Online gambling firm 888 Holdings is bracing itself for a 'substantial' shareholder revolt against excessive executive pay. Financial papers are saying that the company is likely to be hit with a significant vote against their remuneration reports at their annual general meetings this week, following a rare 'red-top' alert being issued against it by the Association of British Insurers – its strongest warning of a breach in governance.

888 did consult with its shareholders in an attempt to assuage fears and head off a revolt over payouts to former chief executive Gigi Levy, which included a discretionary bonus of $500,000.