Bury-based FTSE 100 retailer JD Sports Fashion Plc said on Friday it was “particularly disappointed” at the level of shareholder opposition to its executive remuneration packages at the firm’s AGM.
Shareholders voted 32.52% against its remuneration policy, 31.14% against its remuneration report and 29.68% against its long term incentive plan for executives.
Pentland Group, which owns brands including Speedo, Canterbury, Berghaus and Lacoste Chaussures, is a major shareholder of JD Sports with a stake of more than 50%.
” … the board recognises the votes against the remuneration related resolutions at this year’s AGM,” said JD Sports.
“The board and the remuneration committee are particularly disappointed with the level of opposition to the remuneration report, remuneration policy and new executive director LTIP proposed at this year’s AGM especially since it has invested considerable time and resource into improving its remuneration structures this year.
“Members of the board and the remuneration committee have also spent a significant amount of time during the course of the year engaging with its shareholders both during the process of preparing the remuneration report and policy and in the run up to the AGM.
“The remuneration committee engaged PwC during the course of the year specifically to assist with the preparation of a new remuneration policy and to devise a new executive LTIP structure.
“The committee worked alongside PwC on this project, which sought to carry out relevant benchmarking exercises and implement new aspects of executive director remuneration in order to provide greater alignment between executive pay and shareholder interests.
“The company intends to continue its engagement with as many shareholders as possible throughout the course of the year to continue this progress.”