For the second year in running, JD Sports has faced revolt by shareholders over executive pay!
The British sports fashion retailer JD Sports has, as per media reports, faced another backlash from its shareholders at the recently concluded AGM, and this revolt and discontentment was over salaries and bonuses of its executives.
While one-third of shareholders voted against the remuneration report, a little over 30 per cent voted against performance-related bonuses.
Commenting on the protest by shareholders, the sports retailer said that it was extremely saddened over the opposition as it had invested lot of time and resources over improving salaries.
Last year too, JD Sports had faced opposition from shareholders over the pay issue, following which it launched a review of its corporate governance.
Here it is important to state that Peter Cowgill, the Executive Chairman, who was re-elected this year faced opposition from 12.9 per cent shareholders, compared to an opposition of 10 per cent in 2019.
Peter had said last month that the number of pre-pack administration is only going to increase in the coming months and there have been quite a few in August already.
The retailer, which has its stores in the UK, Europe, Asia and Australia, generates revenue of £4,717.8 million.