Ocado’s remuneration plan was approved by shareholders today but almost a quarter rejected the proposals.
More than 23% of the etailer’s shareholders voted against the remuneration report at the company’s AGM in the City today. All resolutions proposed were passed.
Almost 14% voted against Ocado’s long-term incentive plans.
Just 2.4% of shareholders voted against the remuneration report in 2012 and 1.2% in 2011.
Retail Week reported last month that Ocado chief executive Tim Steiner is to receive an annual bonus of shares worth up to £1.8m under a new scheme.
The new scheme will mean Steiner, who earns a base salary of £450,000, receives up to three times his salary in normal years and up to four times in “exceptional circumstances”.
This year is set to be counted as exceptional because Ocado executives have not received a bonus for several years. The share award is dependent on Ocado’s underlying earnings in 2015 and locked up for three years.
New chairman Sir Stuart Rose received a “golden hello” of £646,000 in shares earlier this year.
The AGM became a particualr source of media attention after the press were banned from attending. The event had drawn interest because of ongoing talks between Ocado and Morrisons about the licensing of Ocado’s technology.
Ocado said in its AGM statement today that talks with Morrisons continue, and that they will not lead to an acquisition of Ocado by Morrisons nor affect its relationship with Waitrose.