Next shareholders have revolted against the fashion retailer’s remuneration report.
Nearly one in six shareholders voted against Next’s decision to alter the pay scheme of four senior executives midway through its last financial year.
In May 2008 Next decided that the executives, including boss Simon Wolfson, would share an additional £351,000 for the year ending January 2009. 18 per cent of shareholders voted against it, while 8.5 per cent withheld their vote yesterday. This meant a quarter of shareholders did not support the decision.
A report form the Association of British Insurers said Next’s action was a “severe breach of corporate governance best practice”.
Next chairman John Barton said he felt the award was appropriate, adding: “I am very pleased to see that most of our shareholders agree.”