May 4, 2022

Ocado faces showdown with investors over bumper bonus scheme

Ocado is facing a showdown at its annual meeting on Wednesday as it seeks to extend a controversial incentive scheme that could pay out tens of millions of pounds to senior executives. Under the plan, Ocado chief executive Tim Steiner could in theory receive up to £20mn a year, or a maximum of £100mn across five years. Two influential proxy advisers, Institutional Shareholder Services and Glass Lewis, have recommended investors reject Ocado's remuneration policy and the proposal to extend its value creation plan. Corporate governance manager at the £159bn asset manager, said she had "Serious concerns" over the value creation plan. The value creation plan has caps on individual payouts to prevent such bumper paydays.

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