Ryanair shareholders approved Michael O’Leary’s revised remuneration policy at the airline’s annual general meeting in Dublin, but 39.3% voted against the package. The plan, which could be worth at least €150 million, is tied to options over 10 million Ryanair shares and is designed to keep the chief executive in place through April 2032.
The vote on 10 September was non-binding, but it drew a sharper backlash than the rest of the AGM agenda. The wider remuneration report passed with 86% support, while O’Leary was re-elected with 98% backing, underlining that opposition was focused on pay rather than governance more broadly. Ryanair will continue consulting shareholders to understand the reasons behind the protest.
The scheme depends on demanding performance hurdles, including either post-tax profits above €4 billion or the share price staying above €42 for 28 consecutive days before March 2032. The result leaves the policy intact, but it also highlights persistent investor sensitivity to executive pay at one of Europe’s largest airlines.