Flutter CEO’s $20m pay stirs investor anger at AGM
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- A Flutter shareholder accused the company of using its NYSE listing as a pretext to triple executive pay at the group’s annual general meeting on 29 May.
- CEO Peter Jackson received $19.7m in total compensation in 2025, down from $22m in 2024, with the majority of both packages paid in company shares.
- Nearly 12% of shareholders voted against Flutter’s executive pay resolution, as the group’s share price has fallen by more than half in 2026.
Flutter Entertainment faced pointed criticism over executive pay at its annual general meeting in Dublin on 29 May, as a shareholder accused the company of using its move to the New York Stock Exchange as cover for significantly boosting management remuneration.
Pay under fire
Flutter held its key shareholder meeting at its Clonskeagh, Dublin headquarters, where Peter Jackson gave a brief presentation online from New York.
Shortly before the meeting closed, shareholder Colm Whooley told chairman John Bryant he was “disappointed” the company had given no presentation on its results, despite a tough year for investors.
Whooley then turned his fire to compensation. The group’s move to New York two years ago “seems like an excuse to treble the remuneration of the executives,” he said.
Colm Whooley, shareholder, said:
“Salaries of $20 million [€17 million] do not make any sense to me.”
The investor added that he did not accept the justification that this level of reward motivated executives. Flutter paid Jackson $19.7m last year, with close to $16m of that total paid in shares. The group paid him $22m in 2024, the bulk of which was also company stock.
John Bryant, chairman, defended the package, saying Jackson’s pay was appropriate given the size, scale and magnitude of the company and was not out of line with similarly sized businesses listed in the US.
He pointed out that the CEO’s pay consisted mostly of company shares, and that the value of his salary was not necessarily equal to the figure published in annual reports and stock market filings.
Jackson opted not to attend the AGM in person, choosing instead to appear virtually from New York. The decision drew comment ahead of the meeting given the significance of the annual gathering as the company’s one formal engagement with shareholders.
Investor dissent
Despite the boardroom defence, the remuneration resolution passed with 88.02% in favour and 11.98% against, with 2,431,084 votes withheld. The level of dissent may signal ongoing concerns about pay levels and could attract further investor scrutiny.
All nominated directors were re-elected at the AGM, with each receiving at least 91.43% of votes cast in favour. A special resolution permitting board-determined preferred share issuance did not pass, with only 53% of votes in support, below the threshold required.
Total votes cast reached 150,501,008 ordinary shares, representing an 86.30% turnout of the 174,400,428 ordinary shares in issue as of 2 April 2026.
The company is also reviewing its LSE listing, with a decision expected during Q2 2026. Flutter shifted its primary listing to the NYSE in May 2024, after which the London venue became increasingly marginal as its investor base moved toward the US.
A full delisting would leave Flutter listed solely on the NYSE, compounding the perception among some investors that the group’s centre of gravity has shifted decisively toward the US, and with it, US-scale executive pay.
Stock pressure
The pay dispute arrives against a difficult backdrop. Flutter’s shares have fallen by more than half in 2026, with the group now expecting core profit growth of just 4% this year, compared with more than 20% in each of the prior four years.
Investor concern has grown that prediction markets are weighing on the group’s sportsbook business, putting pressure on Flutter’s stock throughout the year. The operator has responded by committing significant capital to FanDuel Predicts, its prediction markets product developed in partnership with CME Group.
Flutter’s Q1 2026 results guided investment in the platform toward the top of a $250m to $300m adjusted EBITDA loss range for the year, with the product not broken out as a material revenue contributor.
FanDuel has also come under pressure from fast-growing rivals such as Hard Rock and Fanatics in the core sportsbook market.
US reshuffle
The AGM took place weeks after significant upheaval at the top of the US business. Amy Howe departed as FanDuel chief executive on 6 May, ending more than five years in the role.
According to a Form 8-K filed with the SEC, Howe received a severance package of $4.37m, representing 24 months of combined base salary and annual bonus opportunity, paid over a 52-week period.
She also received time-pro-rated vesting of restricted stock units and up to 12 months of company-paid health insurance. Her base salary stood at $650,000 per year, with a bonus target of the same amount and a maximum of $975,000.
Christian Genetski, who joined FanDuel in 2015 and has served as its president since 2022, was named to lead the business. Dan Taylor, previously CEO of Flutter’s international division, was appointed to the newly created role of president of Flutter Entertainment, taking on oversight of FanDuel alongside his existing responsibilities.
For investors, the combination of a sliding share price, a leadership reshuffle, a potential London exit and a visible pay dispute adds significant pressure on the board heading into the second half of 2026.
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