// Almost 30% of Ocado shareholders voted against the retailer’s plan to pay CEO Tim Stein £100 million over the next five years if it meets share price targets
// Despite the shareholder revolt the controversial pay plan was passed
Almost a third of Ocado shareholders voted against a bonus plan that will see Tim Steiner take home £100 million over the next five years if share price targets are met.
Some 29.3% of investors voted against Ocado’s director’s pay policy, while 28.7% specifically rejected amending the online business’ “value creation scheme”, which has sparked criticism from shareholder Royal London as well as investor advisers Glass Lewis and Institutional Shareholder Services.
Steiner had missed a share price target that would have triggered a £20 million bonus in March and Ocado tabled plans to extend the scheme at today’s AGM.
Despite the votes against, the controversial plan was passed with a majority of votes.
READ MORE: Ocado sales fall as Covid restrictions end and offices open
A similar number of investors voted against the award scheme when it was introduced in 2019
Critics have hit out at the plan using just one performance metric – Ocado’s share price – to determine whether a payment would be made rather than overall management performance.
Ocado’s share price surged to more than £28 during the heights of the pandemic, however, has since fallen to £9.30.
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