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Shareholders in revolt over pay package

BURBERRY shareholders have staged a revolt in protest at a multi-million-pound pay package for new chief executive Christopher Bailey.

Results of a non-binding vote at the group's annual general meeting in London showed 52.7 per cent against a resolution which included a £7.2 million "golden hello" for Mr Bailey.

Including that performance-based shares package, split over five years, the 43-year-old Yorkshireman is in line to receive up to £10.3m a year in salary, pension, variable bonuses and long-term awards each year.

A binding remuneration policy resolution was backed by 83 per cent of investors but chairman Sir John Peace plans to talk to shareholders to allay concerns.

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