// JD Sports faces backlash from shareholders at AGM
// A third of its shareholders voted against its remuneration report
JD Sports has reportedly faced backlash from its shareholders at its AGM over the salaries and bonuses of its executives.
The sportswear retailer saw a third of its shareholders vote against its remuneration report.
Meanwhile, 30 per cent of shareholders pushed back on performance-related bonuses, The Telegraph reported.
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JD Sports said it was “disappointed” with the level of opposition since it had invested “considerable time and resources” to improve salaries.
Moreover, in 2019, executive chairman Peter Cowgill was reelected, but was opposed by 12 per cent of shareholders compared with 10 per cent.
Cowgill sold shares worth £13.3 million last month but currently retains a stake of almost one per cent in the business.
Last year, JD Sports launched a review of its corporate governance after another rebellion.
Cowgill also warned last month that the rate of retail pre-pack administrations and CVAs will increase post-pandemic.
The sportswear retailer launched a pre-pack administration for its subsidiary Go Outdoors in an effort to secure more competitive rental prices, and Cowgill said it was likely that CVAs would become more commonplace as retailers struggle with a continued decline in footfall.