Listed online trading firm Plus500 has once again faced backlash from its shareholders regarding executive pay at its latest annual general meeting (AGM).
More than half of the votes were cast against the company’s remuneration report and over 22% of shareholders were against re-electing Steve Baldwin as a non-executive director.
In a statement released on the London Stock Exchange, the company said: “The board of Plus500 notes that 20% or more of votes cast were cast against the board’s recommendation for resolutions 3 and 11, the latter of which is an advisory vote.
“The board has noted the outcome of these votes, and it takes such matters seriously. The board will continue to engage with shareholders and shareholder advisory bodies to ensure their feedback continues to inform the company’s approach to governance and remuneration, while taking into account the specific needs and profile of the company.”
Despite discontent, the London-based FinTech’s revenues were up 6% for FY2024 to £575m.
Its share price in the last 12 months has also risen significantly, from 2,232p to 3,286p.
It has also experienced growth more recently, as revenues for Q1 2025 rose 13% compared to Q1 2024.
However, the opposition of the report marks a recurring theme, as nearly 66% of votes rejected the same report at last year’s AGM.
Despite the opposition, the resolution still passed.
According to the company’s latest annual report, CEO David Zruia earned nearly $5m last year, up from $3.7m the previous year.
Group CFO Elad Even-Chen received the same compensation and raise.