Sunday 16 December 2018

Arsenal chairman defends £900,000 bonus payment to Ivan Gazidis despite team missing out on Champions League

Chips Keswick has attempted to defend the bonus paid to Ivan Gazidis AFP
Chips Keswick has attempted to defend the bonus paid to Ivan Gazidis AFP
Independent.ie Newsdesk

Independent.ie Newsdesk

Arsenal chairman Chips Keswick defended the £2.6million payment made to chief executive Ivan Gazidis despite on-field results waning.

Gazidis was made the payment, which included a bonus of £919,000, despite Arsenal's league position slipping from second to fifth place with no Champions League qualification.

Keswick said at Arsenal's Annual General Meeting: "The club's remuneration committee which is chaired by Lord Harris and of which I am a member, evaluates the performance of our executive directors and senior management team across a very broad spectrum of objectives.

"These objectives include financial targets both in terms of current year performance against budget and revenue growth across a longer time-frame than the results of a single season. These financial metrics are just one part of our assessment. The development and delivery of projects such as the upgrade of our training facilities, the academy and the continued strengthening of our commercial capabilities are among the other relevant milestones.

"I would also add that it is important the remuneration of all the club's management remains competitive in order to attract and retain talent. In this regard, our CEO's pay is comparable to clubs of a similar stature. Ivan is doing a fantastic and first class job leading the development of this club across every aspect of its operations and is representing it in the Premier League, the European Club Association and UEFA level.

"We are fortunate to have him as our CEO and I am very grateful that he does as much as he does."

Keswick was also re-elected as chairman, which was opposed by those in the room at the AGM, but it was revealed ahead of a poll vote that there were proxies that backed the resolution which together amounted to more than 97 per cent of the total shareholding of the company.

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