Almost 30 percent of votes cast at Ocado’s annual shareholder meeting opposed the online supermarket’s 2019 pay report on Wednesday, including co-founder and CEO Tim Steiner’s £58.7 million package.
Some shareholders and investor advisory groups had highlighted ahead of the meeting what they regarded as excessive awards for Ocado’s executives in 2019. Ocado says its rewards are justified because it created £7.5 billion of value for shareholders in the five years to 2019.
Ocado said 29.76 percent of votes cast at the annual general meeting (AGM) were against the resolution to approve the directors’ remuneration report, while 70.24 percent were in favour.
Shareholders who voted against the pay report included Royal London Asset Management and BlackRock. Some 19.65 percent of votes cast also opposed the re-election of Andrew Harrison as a director. Harrison chairs Ocado’s remuneration committee.
Ocado’s AGM was not attended by investors, who had to vote by proxy because of the coronavirus lockdown in Britain.
Earlier, Ocado said it had seen retail revenue soar 40.4 percent year-on-year in its second quarter to date as it ramped up capacity to meet unprecedented demand during the country’s coronavirus lockdown.
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