Ryanair shareholders expressed their frustration at management on Thursday by re-electing the company's chairman by a significantly narrower margin than last year after a year overshadowed by the company's worst-ever industrial action. 

Chairman David Bonderman was re-elected with 70.5% of votes, compared to 89% who voted in favour last year.

But Chief Executive Michael O'Leary secured overwhelming re-election to the board with 98.5% of the vote, down from 99% last year.

"In every case we have substantial majorities," O'Leary told the meeting. "The overwhelming majority of our shareholders are supportive [of Bonderman] ... and we should be very appreciative."

O'Leary said he had been asked by the company's remuneration committee to extend his contract beyond 2019 and that he intended to do so.

Several investors, including Royal London Asset Management and Britain's Local Authority Pension Fund Forum (LAPFF), had announced publicly that they would oppose Bonderman's re-election.

Some investors cited the company's treatment of staff and the need for renewal on the board for their opposition to Bonderman.

Bonderman, who is a founder of private equity firm TPG Capital, resigned from the board of Uber in 2017 after an ill-judged joke that more women on the board means "more talking".

Ryanair had initially banned media from the meeting, but at the last minute allowed journalists to attend. (Reuters)

Source: www.businessworld.ie