Warhammer maker Games Workshop has suffered a major shareholder revolt after handing millions in bonuses to its top bosses.
The Nottingham-headquartered company saw almost 21 per cent vote against its remuneration report and nearly 27 per cent vote against its remuneration policy at its AGM today (Wednesday, 18 September).
Following record sales and pre-tax profit for the listed business, Games Workshop handed its chief executive, Kevin Rountree, a bonus worth 150 per cent of his base salary.
Its chief financial officer, Rachel Tongue stepped down from her role after 27 years at Games Workshop at the AGM and is to be succeeded by Liz Harrison, also received the same percentage bonus.
Rountree has a total pay packet of £1.87m which is made up of £787,000 in fixed pay and the same amount linked to targets.
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Under the firm’s policy, each executive director must use 67 per cent of the 150 per cent bonus to buy shares in Games Workshop after tax and hold them for at least three years.
This is for the period ending June 2024, so it wouldn’t have been out yet. I do wonder what kind of cut GW gets from the licensee, though, as there were certainly a lot of other games out in that period. I don’t imagine something like Rogue Trader or Darktide were bringing in that much money, though.