Ocado investors hit out at executive pay

Tim Steiner Ocado

A quarter of Ocado’s shareholders rebelled against the etailer’s renumeration plan for its directors at its annual general meeting.

The grocery etailer’s director renumeration report and policy were opposed by 24.2% and 25.4% of its shareholders respectively.

The online retailer’s proposed long-term incentive scheme, which would see chief executive Tim Steiner collect £100m on the condition the company share price triples over the next five years, was also opposed by 24.3% of investors.

Ocado has pledged to engage further with its investors over its future incentive plans.

Chair of Ocado’s remuneration committee Andrew Harrison said “the board recognises that some shareholders voted against our remuneration proposals” and its final proposals reflected feedback from its key shareholders.

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