Economy

De La Rue, Dunelm prepare for a backlash

De La Rue and Dunelm brace for backlash: Several companies face painful shareholder meetings amid disputes over pay and performance

  • Dunelm braced for shareholder rebellion over boss Nick Wilkinson’s £2.7m payout
  • Link Group also faces concerns about the pay of its executives
  • De La Rue has not performed well since losing the contract to print post-Brexit passports

Several companies are facing painful shareholder meetings this week amid disputes over pay and performance.

Furniture company Dunelm, fund monitor Link Group and ticket printer De La Rue are bracing for clashes with investors.

Dunelm, founded in 1979 selling curtains at a Leicester market stall, is bracing for a shareholder rebellion over boss Nick Wilkinson’s £2.7m pay package. The home furnishings chain, which is due to hold its annual general meeting (AGM) on Wednesday, has come under fire for ‘excessive’ pay – 120 times what the average employee earns.

Facing the music: Several companies face painful shareholder meetings this week amid disputes over pay and performance

Shareholder advisory group Pirc has told investors to vote against the company’s pay report as the pay gap is “unacceptable”.

The opposition comes despite Wilkinson’s salary falling from £3.8m. Andrew Speke of the High Pay Center said Dunelm was being “deaf”. ‘

The call to vote against is absolutely correct,’ he said. ‘The wages of most workers have decreased in real terms.’

The Link Group, whose role in the Neil Woodford hedge fund scandal has seen it face multimillion-dollar fines, also faces concerns about its executive pay.

The Australian company, whose general meeting is on Wednesday, paid its chief executive Vivek Bhatia more than half a million pounds last year.

Pirc, again, is advising shareholders to reject the salary report because the boss could receive more than 200 per cent of his salary in ‘incentives’. It occurs when Link is trying to sell his UK arm, which was supposed to oversee Woodford’s management of his flagship investment fund.

De La Rue has not performed well since losing the lucrative contract to print Britain’s post-Brexit blue passports in 2018. Now one of its biggest investors, activist fund Crystal Amber, wants the company to explore a sale. to return cash to those who have suffered so much. shareholders.

In an unusual twist, the two firms have been embroiled in a dispute, with De La Rue accusing Crystal Amber of conspiring to “rig the market” and Crystal Amber accusing her investee of defamation.

De La Rue called a meeting for Friday to allow investors to vote on the future of chairman Kevin Loosemore following the company’s third earnings warning in a year last week.

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Jacky

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