ASOS PLC (LSE:ASC) is expecting an investor rebellion after stand-in boss Mat Dunn pocketed a salary of £576,000 last year, according to reports.
According to This is Money, shareholder advisory group Pirc recommended that investors reject or abstain on more than a third of the 15 motions, including former CEO and CFO Dunn’s £576,000 payout last year.
However, ISS, another shareholder adviser, recommended investors back the firm’s pay policy.
Pirc also reportedly advised shareholders to abstain on chairman Jorden Lindeman’s re-election while describing new CEO Jose Antonio Ramos Calamonte’s total potential salary of £4.2mln as “excessive.”
Calamonte was appointed in June of this year and one of his first actions was to introduce a 12-month turnaround plan.
ASOS said it would focus on delivering four actions, comprising “renewing its commercial model and improving inventory management; simplifying and reducing its costs profile; ensuring a robust and flexible balance sheet; reinforcing the leadership team and refreshing the culture”.
This process began earlier this month when ASOS confirmed it will be writing off somewhere between £100mln to £130mln worth of stock.