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Asos investors to rebel over high executive pay packets
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By Nagasunder in UK Business News, posted December 31, 2022
After its acting boss Mat Dunn took home a salary of £567,000, Asos anticipates investor backlash on executive compensation.
On January 11, the fast-fashion store will host a shareholder meeting, and investors are getting ready to revolt.
More than a third of the 15 motions have been recommended for rejection or abstention by the shareholder advisory agency Pirc.
READ MORE: ASOS LOOSENS CRITERIA FOR ANNUAL EXECUTIVE BONUS
One issue is the remuneration of interim chief executive Dunn, which reached $567,000 in the previous year's pay report.
Moreover, Pirc described chief executive Jose Ramos' total potential payout of £4.2 million as "excessive".
Another shareholder adviser, ISS, recommended investors back the firm's pay policy, but "raises concerns".
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Pirc also took aim at chairman Jorgen Lindeman, suggesting that shareholders vote no on his re-election.
Shareholder advisers differing on resolutions is "not unusual," according to Asos. The retailer defended its pay policies, claiming that they result in better executive performance.
Source: Retail Gazette
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