Ocado investors are reportedly planning to turn their nose up at an extension of a share reward scheme which would see the retailer’s boss handed £100m.
Two advisory groups, the Institutional Shareholder Service and Glass Lewis, have recommended investors to reject the proposal to lengthen the so-called “valuation creation plan” at its annual general meeting on Wednesday, according to reports.
Royal London Asset Management is leading the charge with its opposition, The Mail on Sunday first reported.
The scheme, announced in 2019, was initially planned to run for five years, which saw some shareholders rebel against the length at the time.
It disclosed in its annual report in February that it wanted to extend the bonus scheme by three years, to 2027.
Ocado chief executive Tim Steiner can receive up to £20m each year under the scheme – or up to £100m across the five-year period.
However, Steiner is unlikely to see the full £20m this year, as the online retailer’s share price has retreated from its pandemic peak.
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