International gambling conglomerate Flutter has approved a double-digit pay increase for its chief executive officer and chief financial officer, of 26 per cent and 20 per cent respectively.
The raise brings CEO Peter Jackson’s pay-packet to slightly below £1.2 million (€1.43 million) annually and CFO Jonathan Hill’s pay to £715,000 (€850,000).
The board of directors approved the increase at Flutter’s annual general meeting on Thursday, with chairman Gary McGann commenting afterwards that Flutter needs to retain and attract talent.
Dublin-based Flutter, he claimed, was still paying executives below the rates provided by its UK and US-based competitors.
“We have to put a package in place that actually is attractive to retain Peter and Jonathan and, in the event they ever leave, to recruit that quality,” Mr McGann said.
“This is an incredibly competitive sector. The consumer digital sector is the most competitive sector probably in the world right now.”
He added that the vast majority of shareholders agreed with the pay increase and that he does not expect it to effect share prices.
In 2021, Flutter made a net loss before tax of £288 million (€343 million), down from the £1 million (€1.2 million) it made the year before.
Flutter has a number of prominent brands in its portfolio, covering both the traditional retail and online sector, including FanDuel, SkyBetting & Gaming, Sportsbet, Paddy Power, and PokerStars, among others.
CEO Peter Jackson
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