Shareholders at Asos protest against director payout plans
ASOS directors have faced backlash against multi-million pound payouts they plan to award themselves.
On Friday (1 December) 33.28% of shareholders in the fashion giant which has major distribution hubs in Yorkshire, voted in protest against the remuneration packets.
Though this was not close to the amount needed to stop the remuneration plans, it was a significant proportion in comparison with the decision to report the financial report for the year to 31 August as a whole (99.24%).
This comes despite a major increase in share pice, up 49% in the last 12 months, which would normally keep shareholders happy.
Chief executive of the retailer, Nick Breighton, could receive up to £2.5m if he hits targets next year. Chief financial officer Helen Ashton could make £1.4m.
Mr Breighton joined the company in April 2009, initially as chief financial officer before taking over from outgoing chief executive and founder Nick Robertson in September 2015. Last year he took home just over £800,000.
This follows pay revolts at other companies including WPP, where shareholders blocked a £70m payout for Sir Martin Sorrell. Similarly BP fell foul to the ire of shareholders who rejected Bob Dudley’s £14m pay deal.
