WH Smith suffered a blow at its AGM yesterday when nearly a third of its shareholders who voted refused to back the remuneration report.
30.9% of shareholders who cast votes did not back a resolution to approve the remuneration report for the year to August 31, the Telegraph reported.
The retailer’s boardroom salaries, bonuses and benefits came to £2.3m in the year, compared with £2.4m the previous year. Despite the small drop compared with the year before, a third of shareholders still voted against it.
Shareholders representing about 111 million of the 147 million shares in issue voted on the report. Of these, shareholders representing 20.5 million voted against. Overall, the report was approved.
Yesterday WH Smith revealed group like-for-likes dropped 5% in the 21 weeks to January 22. Group total sales fell 4% in the same period.