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Ocado Group PLC - FTSE 100-listed online grocer - Sees some minor shareholder rebellions at its annual general meeting on Wednesday. All resolutions were passed by shareholders, though proposals to approve director's remuneration policy and to approve amendments to the Ocado Group 2019 Value Creation Plan both see opposition from 29% of votes cast.
‘The board understands the concerns of some shareholders around the non-standard nature of the VCP, which was reflected in the votes on Resolutions 2 and 20. However, it continues to believe that the changes proposed and approved offer the best way to drive exceptional and sustainable growth, whilst also rewarding short-term operational and strategic decisions,’ company says.
The VCP is a 5-year incentive plan which was approved at Ocado's 2019 AGM. Resolution 20 sought to extend the term of the VCP for an additional three years to 2027 from 2024.
Current stock price: 889.71 pence, down 3.2% on Wednesday
12-month change: down 55%
By Lucy Heming; lucyheming@alliancenews.com
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