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The owner of British Airways (BA) is the latest in a string of blue-chip London-listed companies to face investor unrest this year over its executives' multimillion pound pay packages.
Sky News has learnt that International Airlines Group (IAG) is braced for a shareholder revolt at its annual meeting on 18 June over a remuneration policy that will include a one-off share award potentially worth more than £2.7m to Luis Gallego, its chief executive.
Institutional Shareholder Services (ISS), the influential proxy voting adviser, has recommended that investors vote against the award, which would vest based on a three-year performance period ending in 2028.
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The share windfall would be in addition to Mr Gallego's salary, annual bonus and regular incentive award.
"The one-time award is tied to operating margin performance above the company's medium-term ambition," ISS said in a report to clients which has been seen by Sky News.
"The company states that this proposal aims to align the CEO's compensation package with senior management, address pay compression, enhance competitiveness, and bring the CEO's pay closer to comparable FTSE peers.
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"While the company's rationale is noted, material concerns are identified with the concurrent operation of the one-time award and the existing RSP [restricted stock plan], particularly as no reduction has been made to the RSP opportunity."
Remuneration policy votes are binding on companies, although the level of opposition that IAG was facing was unclear.
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Since the disruption caused by the COVID pandemic, IAG's performance has recovered strongly, with the company reporting stronger-than-expected first-quarter profits last month.
On Thursday, shares in IAG were trading at around 331p, giving the company a market capitalisation of more than £15.7bn.
IAG, which also owns Aer Lingus and Iberia, has been contacted for comment.
