From the article below (more in the comments):

Games Workshop, the creators of Warhammer, have found themselves at the center of a drama that even Tzeentch might envy. But this time, it’s not about rule changes, lore retcons, or miniature prices—it’s about money. A good chunk of shareholders, like BlackRock, Vanguard, and Fidelity, recently raised their proverbial pitchforks over executive pay raises that could rival the vaults of the Imperial Palace. Let’s break down exactly why Games Workshop’s AGM (Annual General Meeting) looks to have turned into an intense session of “Who’s getting paid too much?”

What Sparked the Shareholder Backlash?

Imagine you’re a loyal shareholder. You love the company; you love the lore (or maybe just the dividends.) Then you notice your favorite game’s CEO, Kevin Rountree, is now earning close to three times what he made just four years ago. Not bad, right? Unlike last year’s hefty payout, there’s no new massive surprise dividend this year to sweeten the deal for you. For nearly 25% of the shareholders, this may have felt like a power move from the board while their wallets stayed the same.

Summary of the 2024 AGM Voting Results

At the 2024 AGM, shareholders were given the chance to vote on resolutions, including two particularly spicy ones, Resolutions 10 and 11. The problem? We don’t actually know what they were about specifically (because nothing’s ever that simple). However, when almost a quarter of your shareholders object to something, you might want to pay attention. The board said they’d “check in” on the matter in about six months. Sounds like a long cooldown, doesn’t it?

Let’s face it—when people see the phrase “executive pay hike,” it tends to stir feelings. And when that increase more than doubles the salary of key figures in the company (not to mention even higher jumps for non-executive directors), shareholders begin to question the fairness of the power balance.

The Role of Major Institutional Investors (Fidelity, Vanguard, BlackRock)

Financial titans. Fidelity, Vanguard, BlackRock—names that could almost be mistaken for rival factions in a new Warhammer expansion. These big players control vast chunks of shares, and they’re not the type to be amused by excessive pay hikes without corresponding gains. When institutions this large feel their investments aren’t being properly managed, even Space Marines couldn’t save you from the incoming pushback.

Kevin Rountree’s Salary: A Significant Jump Since 2020

Speaking of big moves on the battlefield, Kevin Rountree has been leveling up faster than an overfed Tyranid. Back in 2020, Rountree’s base salary was around £700,000. By 2024, he’s knocking on the door of £2 million annually. That’s quite the pay rise—especially when you add another £2 million in stock at his disposal. It’s the kind of reward you’d expect after single-handedly slaying a dragon (or managing a tabletop empire). But in the eyes of some, this rate of salary increase may seem like a special character in the rulebook getting too many overpowered abilities at once.

CEO Compensation Tripled in 4 Years

Rountree’s income has tripled in four short years. That’s right—threefold in the time it takes for a typical Warhammer edition to come and go. When you see a leap like that, eyebrows tend to raise faster than the point costs in a new codex. While Games Workshop has undoubtedly been successful, some shareholders might be wondering if it’s necessary for the CEO’s pay to inflate quite so aggressively, especially when dividends don’t seem to be flying in as frequently as some would hope.

Rountree’s £2 million package includes his base salary, bonuses, and a little something extra in stock awards. Bonuses doubled between 2020 and 2021 when the latest remuneration policy was given the green light. With his base salary and bonuses alone, the man is pulling in enough to buy more than a few Battleforces every year (and maybe even have some extra for Forgeworld minis).

Impact of the Remuneration Policy Approved in 2021

That brings us to the 2021 remuneration policy—the mystical document that opened the vaults of the empire for Rountree and the board of directors. This policy essentially sets the guidelines for how executives get paid, and once approved, it led to significant salary increases. While it clearly worked for some (looking at you, Rountree), a growing group of shareholders seem to be questioning if it went too far. Perhaps the salary buffs have become a little unbalanced, and like any game, a rebalance might be in order.

Board Member Pay Raises: The Source of Shareholder Concern?