Home Money Ocado boss Tim Steiner faces shareholder revolt over pay

Ocado boss Tim Steiner faces shareholder revolt over pay

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Ocado boss Tim Steiner faces shareholder revolt over pay

Ocado boss Tim Steiner faces a shareholder revolt over his pay today.

Advisory groups Glass Lewis and Institutional Shareholder Services (ISS) have urged investors to vote against the £15m pay policy. They say a new plan may cause “overpayments.”

ISS said its concerns were “exacerbated by… a lack of dividends and a general decline in the share price.”

Under the proposals, Steiner, 54 (pictured with partner Patrycja Pyka) could receive a stock reward worth £14.8m from 2027 if he improves his stock market performance and increases the cash flow.

It would have to raise the share price to £29.69, an increase of £750 per cent on Friday’s closing price of £3.50.

Ocado has lost almost 90 percent of its value since the Covid peak in 2020.

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