Investors in fashion house Burberry have opposed the pay package planned for its boss Christopher Bailey in a move which the company called “disappointing”.

Mr Bailey, who took over as chief executive in May, was awarded a £10 million a year package which Burberry called “a lot of money” but said that it was necessary to keep him with the group.

The entire package which Mr Bailey receives consists of an annual allowance of £440,000 on top of his £1.1 million salary. On his appointment, he was also given 500,000 shares in the company, currently worth more than £7 million.