Burberry shareholders have approved a new executive remuneration policy that could see Chief Executive Joshua Schulman receive a package worth up to £12.24 million, despite some opposition at the luxury group’s annual general meeting (AGM).
Around 64.6% of shareholder votes cast supported the directors’ remuneration policy, while 35.4% voted against. A separate resolution to amend the rules of the Burberry Share Plan attracted even greater opposition, with 37% of votes cast against, although it also passed.Â
The revised policy allows Schulman to receive performance share awards worth up to 300% of his salary. If Burberry achieves its maximum performance targets and its share price rises by 50%, his total remuneration could reach £12.24 million.
The proposals were first outlined in Burberry’s annual report in May as part of changes designed to more closely align executive pay with the company’s long-term turnaround strategy.
In comparison, in the 2025/26 financial year Schulman received remuneration of £4.02 million, which included a £1.2 million base salary, a £2.34 million bonus and £369,000 in allowances and benefits.
This marked a 55% increase in salary compared to the previous financial year, when he earned £2.6 million after nine months in the CEO role. Schulman joined Burberry in July 2024.
Ahead of the AGM, proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis urged shareholders to vote against the proposals, citing concerns over the scale of the potential awards.
In response to the vote, Burberry acknowledged the level of shareholder opposition and said it would continue engaging with investors to better understand their concerns. The company added that both resolutions received the support of its 10 largest shareholders and confirmed it would provide an update within six months in line with the UK Corporate Governance Code.
The vote comes as Burberry continues its turnaround under Schulman, who joined the British luxury house in July 2024. The company recently returned to profit after reporting pre-tax profits of £49 million for the year to 28 March, compared with a £66 million loss the previous year, while adjusted operating profit increased to £160 million.
Shareholders also overwhelmingly approved the appointment of Bridgepoint Chief Executive William Jackson as a Director and the company’s new Chair, succeeding Gerry Murphy following a planned handover.