Dixons Carphone has faced backlash over executive pay at its annual general meeting. The retailer has now promised to consult further with its shareholders.
The company acknowledged in a statement that a large number of its shareholders didn’t support it remuneration report, with only 76.54% voting in favour.
Dixons Carphone said: ”Over the past year we have engaged extensively with our shareholders and the proxy agencies on our approach to executive remuneration. The views of our shareholders are important to us and the feedback we have received has been helpful. The committee will seek to consult further with shareholders to understand and discuss the specific rationale for any votes against our report.”
The backlash came after Institutional Shareholder Services recommended that investors reject longterm share awards worth around £2.3 million for chief executive Alex Baldock.
The company said that Baldock and the group’s chief financial officer had already deferred 100% of their bonuses for two years.
The company added: “The remuneration committee recognises that the appropriate incentivisation of a new management team embarking on a major transformation of the business is a difficult judgement.”
