Plus500 Faces Second Shareholder Rebellion Over Executive Pay

Online trading platform Plus500 has once again faced backlash from shareholders over its executive pay structure, with more than half of the votes cast at its annual general meeting opposing the company’s remuneration report.

According to a filing with the London Stock Exchange, 51% of shareholders voted against the report, the second year in a row the company has suffered a major rebellion on pay. In 2023, 65.8% of votes were against the remuneration package.

The revolt comes as CEO David Zruia and CFO Elad Even-Chen each received pay packages worth nearly $5 million for the most recent financial year—up from $3.7 million the year prior—despite a mixed set of quarterly results.

The AGM also saw 22% of votes cast against the reappointment of Steve Baldwin as a non-executive director. While the resolution still passed, the level of opposition reflects ongoing shareholder discontent.

Plus500 recently raised its outlook for 2025, even as first-quarter performance painted a mixed picture. Revenue grew 13% compared to the previous quarter but slipped 5% year-on-year. EBITDA rose 23% quarter-on-quarter but was down 9% from the same period last year.

Customer activity also showed signs of strain. The platform added 26,897 new customers in Q1, down from over 36,000 in the final quarter of 2024. Active users dropped 4% to 130,514. However, the average deposit per customer soared to $12,450, more than double the previous figure.

In response to the vote, the board said it “takes such matters seriously” and will continue to engage with shareholders to refine its governance and compensation policies. The statement noted that feedback will play a role in future decisions, while also acknowledging the unique profile of the company.

In early 2025, Plus500 became a clearing member of ICE Clear US, a move it says would help lower costs and add new services for customers. The company also obtained a license in the UAE, allowing it to offer more products like futures and share trading.

The spread betting and CFDs broker told investors that its push into the U.S. futures market yielded record activity for its B2B and retail segments, with its “Plus500 Futures” product gaining traction.

Additionally, Plus500 integrated its US acquisitions and introduced ‘Plus500 Futures’ in the US market. In addition, Plus500 entered the Japanese market with a new trading platform tailored for local retail traders. The UAE market showed promising growth following the regulatory license granted by the Dubai Financial Services Authority (DFSA), and the company also secured a new regulatory license from the Securities Commission of the Bahamas in July 2023.