Liberty’s Mike Fries faces opposition to $1m a week pay cheque
JUNE 7, 2021 12.31 EUROPE/LONDON BY JULIAN CLOVER

Liberty Global is facing a shareholder revolt after paying chief executive Mike Fries $1 million a week.

For a second year Shareholder advisory service Glass Lewis has advised investors to vote against Mr Fries annual remuneration of $52 million (£36.7 million) at the upcoming annual meeting on June 16.

Glass Lewis said it was “seriously concerned” at the amount.

While there has been concerned over the customer service at the UK’s Virgin Media, there have also been notable successes, such as Virgin’s merger with O2, and the amalgamation with Sunrise in Switzerland.

Liberty told The Sunday Times it was engaged with shareholders and that the majority of pay was performance-based.