Ryanair shareholders have divided over a proposed £129 million pay package for CEO Michael O’Leary, with 39% voting against the plan at the company's annual general meeting. However, the deal received 61% approval and is expected to go ahead. The broader remuneration report, which outlines how the company compensates its executives, was supported by 86% of investors, indicating strong backing for the overall compensation strategy. The pay package includes an option for O’Leary to purchase 10 million shares at 26.70 euros (£23.13) each. This option is conditional on the company achieving specific financial goals: either profits exceeding 4.0 billion euros (£3.4 billion) or the share price rising above 42 euros (£37). The contract is set to last until April 2023, with O’Leary required to stay with the company until April 2032 and meet "very ambitious" performance targets. Ryanair has stated that reaching these targets could create significant value for shareholders. O’Leary has been CEO of Ryanair since 1994 and has been on the company’s board since 1988. However, he now faces challenges from rising operational costs and declining profits. In July, the company reported a significant drop in quarterly profits, falling by more than a third to 538 million euros (£462 million) for the three months ending June. This decline was attributed to increased jet fuel prices and a 6% drop in average fares, despite a 6% increase in passenger numbers to 61.3 million and a 1% rise in overall revenues to 4.38 billion euros (£3.72 billion). The proposed pay deal comes amid pressure on O’Leary to deliver improved financial results. While the CEO has led Ryanair through years of expansion and cost-cutting, the current economic environment, marked by inflation and rising fuel costs, is testing the company’s profitability. Shareholders’ divided reaction to the pay package reflects broader concerns about whether such high compensation is justified given the company's recent financial performance.