Ryanair shareholders delivered a notable rebuke to CEO Michael O'Leary, with 39% voting against a compensation package that could net him at least £130 million. The vote occurred at the Irish budget airline's annual meeting on September 10, 2026.
Despite the significant opposition, the pay deal is expected to proceed as 61% of shareholders cast votes in favor. Ryanair stated that the company will engage with shareholders to understand the reasons behind the dissent.
Under the terms of a contract running until April 2032, O'Leary has the option to purchase 10 million shares at €26.70 each, contingent upon meeting performance targets and remaining with the company until the contract's expiry. Ryanair indicated that achieving these ambitious targets would generate substantial value for all shareholders.
O'Leary has led Ryanair as chief executive since 1994 and has been a board member since 1988. This substantial pay package comes as the airline, like many of its competitors, grapples with mounting cost pressures. In July, Ryanair reported a more than one-third slump in profits for the quarter ending June, with profits falling to £462 million. This decline was attributed to rising jet fuel prices and a 6% decrease in average fares, which offset a 6% increase in passenger numbers to 61.3 million.