Ocado Group PLC (LSE:OCDO) boss Tim Steiner could receive a bonus of up to £15 million after shareholders approved his pay package despite intense scrutiny from critics.
Steiner received the majority vote required to approve his pay for the year at Ocado’s annual general meeting on Monday, however, a fifth of shareholders opposed the retail boss's remuneration deal.
Some 19.4% of shareholder votes were against Steiner’s pay, with around 80.6% of voters in favour.
Steiner will still have to jump over a few hurdles before he can receive the full amount.
Steiner’s base salary came in at a little over £824,000, but he can receive an “enhanced multiplier” bonus worth up to 1,800% of his standard pay.
To receive the full bonus, which is around £14.84 million, Steiner would have to guide Ocado’s share price to 2,969p within three years and achieve a string of other performance targets.
Ocado’s current share price sits at 356p, meaning the grocery technology group would have to increase its valuation by 733%.
In its fourteen years of being listed Ocado has risen 124%, but traded at £28 per share in the peak of the pandemic before sliding back again.
Earlier this month, reports revealed Steiner would be open to considering a switch to the New York Exchange as frustrations grow over the LSE’s failure to see it as a technology company rather than an online grocer.
An often-stated benefit from switching to the US is improved company valuations, but less trumpeted is that it is typically much easier for bumper pay packets to be approved without fuss than in London.