May 1, 2019
Ocado investors rebel against executive pay
Ocado suffered a shareholder rebellion over directors' remuneration at its annual meeting, and pledged more engagement with investors over future incentive plans. Around a quarter of shareholders voting opposed the remuneration policy and report, while a similar proportion did not support the Ocado "Value creation plan", a long-term incentive scheme that could see co-founder and chief executive Tim Steiner collect £100m if the company's share price triples over the next five years. Rew Harrison, the former Carphone Warehouse chief executive who now chairs Ocado's remuneration committee, said the board "Recognises that some shareholders voted against our remuneration proposals" and that the final proposals reflected shareholder feedback. Almost 23 per cent of shareholders voting also opposed a share matching award for Ocado's chairman, retail grandee Stuart Rose. Mr Harrison said that the committee believed that the restrictions on the sale of these shares "Provide sufficient alignment of interests between the company, its shareholders and the chairman."
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