Quarter of shareholders oppose Ocado’s executive pay packages
Shareholders gave the Ocado board a bloody nose yesterday as almost a quarter of them voted against the online grocer’s executive pay packages.
The setback for the loss-making retailer came after it again stressed that any deal to license its technology to supermarket chain Morrisons would be “complementary” to its long-term supply agreement with Waitrose. Some 23.5 per cent of investors failed to support the grocer’s remuneration report, although that climbed to 24.2 per cent once abstentions are included. This compares with 2.4 per cent who voted against its pay rewards for executives in 2012 and 1.2 per cent last year.
The Association of British Insurers had previously attacked the Ocado’s long-term incentive plan for being opaque, which may have influenced 14 per cent of investors in failing to back it yesterday. Chairman Lord Grade – who yesterday passed the baton to Sir Stuart Rose, the former chief executive of Marks & Spencer – had banned the media from the AGM.
Before the meeting, he said: “The LTIP plan is intended to act as the primary link between executive reward and the longer-term performance and objectives of the company. Best practice is commonly regarded as those schemes which have a three-year vesting schedule and are subject to malus [penalty] and clawback.” Ocado, which has not made an annual pre-tax profit in 11 years, said its talks with Morrisons were continuing.
- 1 Scientists create transparent mouse complete with see-through organs
- 2 Pope Francis issues top 10 tips for happiness
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 Putin v Obama: Russian deputy prime minister mocks president with catty pictures on Twitter
- 5 Israel's propaganda machine is finally starting to misfire
Russell Brand accuses Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness
Kenny Ireland dead: Benidorm actor dies aged 68
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Putin v Obama: Russian deputy prime minister mocks president with catty pictures on Twitter
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£300 - £350 per day: Orgtel: Financial Analyst, Forecasting, Halifax, Banking,...
£500 per day: Orgtel: Business Architect - Banking - Bristol - £500 per day A...
£200 - £500 per day + competitive: Orgtel: I am currently working on a large p...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...