Nearly 40% of Ryanair investors voted against Michael O’Leary’s €150M pay package. It passed, but this is why many shareholders revolted against management.
At the company’s annual meeting on September 10, 2026, 39.3% of votes cast rejected the pay policy behind Michael O’Leary’s new package, according to The Irish Times. The policy still carried on 60.7% (a simple majority would have done the trick), so O’Leary keeps the deal. Ryanair said it would consult with shareholders to understand the result, which is the corporate way of saying it heard the complaint loud and clear. Shareholder votes like these are typically rubber stamps and pass overwhelmingly following whatever the board recommends.
The incentive package includes an option to buy 10 million Ryanair shares. If O’Leary is able to exercise that option, it’s worth at least €150MM today. Leading the charge against the measure, proxy advisers Institutional Shareholder Services and PIRC both instructed investors to vote “no.” Just shy of two in five followed the advice, attempting to reduce O’Leary’s package.
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