Dixons Carphone suffers backlash over executive pay
Dixons Carphone has promised to consult further with its shareholders after it suffered a backlash on executive pay at its AGM.
In a statement, the company said it acknowledged that a significant minority of shareholders did not support its remuneration report after only 76.54% voted in favour.
Dixons Carphone said: ”Over the past year we have engaged extensively with our shareholders and the proxy agencies on our approach to executive remuneration. The views of our shareholders are important to us and the feedback we have received has been helpful. The committee will seek to consult further with shareholders to understand and discuss the specific rationale for any votes against our report.”
The backlash came about after Institutional Shareholder Services recommended that investors reject longterm share awards worth around £2.3 million for chief executive Alex Baldock.
Dixons Carphone said Baldock and the group’s chief financial officer had already deferred 100% of their bonuses for two years.
The company added: “The remuneration committee recognises that the appropriate incentivisation of a new management team embarking on a major transformation of the business is a difficult judgement.”
