// Asos expects investors to rebel on executive pay at shareholder meeting on January 11
// The retailer’s stand-in boss Mat Dunn pocketed a £567,000 salary
Asos is expecting its investors to rebel on executive pay after its stand-in boss Mat Dunn pockets a £567,000 salary.
The fast fashion retailer is heading towards a shareholder meeting on January 11 – with investors preparing to rebel.
Shareholder advisory service Pirc has recommended investors reject or abstain on more than a third of the 15 motions, This is Money reported.
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One concern is last year’s pay report, which saw stand-in chief executive Dunn’s salary reach £567,000.
Moreover, Pirc described chief executive Jose Ramos’ total potential payout of £4.2 million as “excessive”.
Another shareholder adviser, ISS, recommended investors back the firm’s pay policy, but “raises concerns”.
Pirc also took aim at chairman Jorgen Lindeman, and suggested shareholders should abstain on his re-election.
Asos said it is “not unusual” for shareholder advisers to have different views on resolutions. The retailer defended its pay policies by saying they result in stronger performances from executives.
