UK Employment news
Ocado ShareHolders Hit Back At £14.8m Bonus For Chief Executive
Ocado is bracing itself for criticism from its shareholders over a proposed bonus package for CEO Tim Steiner that could total £14.8m.
Retail Gazette reported shareholder advisory firm Glass Lewis has urged investors to reject what it calls the company’s “egregious remuneration practices” during the annual general meeting.
The firm said: "We remain concerned about the potential for excessive remuneration" and questioned "the need for this enhanced incentivisation tool."
Dan Howard from the ShareAction campaign group also plans to challenge Ocado’s board on its decision.
He questioned how the company can offer such a substantial pay package to Steiner while "refusing to pay hundreds of its workers a real living wage of £12 an hour."
Howard also pushed for Ocado to join the Living Wage Foundation scheme, which mandates its members to pay a minimum hourly rate that reflects the cost of living.
He said: "Ocado has been talking about addressing low pay for five years but has yet to make a long-term commitment."
He added: "Today we’re calling on the board to pay the real Living Wage – this would make a significant difference to the lives of hundreds of its lowest-paid workers."
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