Currys has defended its executive bonus scheme after 21.1% of investors voted against approving its last remuneration report.
Shareholders rejected the electronics retailer’s pay scheme for 2022 – which handed chief executive Alex Baldock £2.2m, with £1.2m given in the form of bonuses.
In line with guidelines of the 2018 UK Corporate Governance Code, Currys asked its shareholders why they had voted against the report.
The unhappy investors expressed concerns relating to “the level of bonus payments for the year given the assessment of business performance” and “the choice of measures included in both the short and long-term incentives”, the retailer said in an update on Friday.
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Currys said it continued to believe its remuneration policy is “appropriate in the context of incentivising our executive team, as they continue to deliver the group’s strategy”.
However, it added that it “welcomed the opportunity to have constructive discussions on remuneration with our shareholders and note that our shareholders have opposing views and offer a range of different perspectives on our approach”.
The retailer said it would consider the feedback when “assessing metrics for annual bonus and long-term incentive plan awards in the future and when evaluating future incentive outcomes and their alignment to performance achieved”.
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