Spencer faces backlash over £18.5m bonus

BILLIONAIRE trader Michael Spencer has suffered a major shareholder rebellion over his pay.

Spencer’s firm Nex asked investors to wave through a pay deal that will allow Spencer to pocket £18.5m in bonuses years earlier than planned, as part of Nex’s takeover by American rival CME Group.

Some 40pc of shareholders voted against the plan at the business’s annual meeting. Advisors ISS had urged investors to vote against the deal as it meant Spencer could pocket bonuses in full without having to hit performance targets.

In response, a Nex spokesman said: ‘In the event that the offer does not complete, the board will review and respond to the feedback from shareholders.’

The £3.9bn CME deal will make 63year-old Spencer one of Britain’s richest men, landing him a £670m windfall from his 17pc stake. ÷ FORMER Dixons Carphone bosses were handed massive pay rises at the struggling firm – and then jumped ship.

The top team of Seb James, Humphrey Singer, Andrew Harrison and Katie Bickerstaffe were paid a total of £8.3m in 2017-18 – up from £5.1m the previous year. They have all since quit their jobs at the firm.