UK retailer JD Sports has promised to review its corporate governance and remuneration policies after investors delivered a big rebuke at its annual meeting.
Almost 20 per cent of shareholders opposed a proposed bonus of £6m in cash for executive chairman Peter Cowgill.
At the same time, just over 30 per cent voted against the company’s remuneration report, while 10 per cent opposed the reappointment of Mr Cowgill and 17 per cent voted against Andrew Leslie, who chairs the remuneration committee.
Excluding the votes of Pentland, which owns 57 per cent of JD Sports, the reappointment of Mr Leslie was opposed by almost half of shareholders who voted.
The retailer, whose shares were promoted to the FTSE 100 at the last review, said that although all the annual meeting resolutions were passed with the required majority, “the board acknowledges the votes against resolution two [the remuneration report] and resolutions six to eight [the reappointment of directors]”.
“In light of these results and in view of the company’s recent entry into the FTSE 100 the board considers that this is an appropriate time to carry out a review of its practices from a corporate governance perspective,” it said.
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