5th Sep 2019 15:41
(Alliance News) - Dixons Carphone PLC noted some dissent against the company's annual remuneration report at Thursday's annual general meeting.
Some 23% of voting shareholders rejected the report, with turnout standing at 83%. All other resolutions were passed with minimal dissent, save 11% opposing the remuneration policy.
"The board welcomes the 77% vote in favour of our remuneration report, including the support from most of our largest shareholders. However, despite this vote in favour, the board acknowledges that a significant minority of shareholders did not support this resolution," said Dixons.
"Over the past year we have engaged extensively with our shareholders and the proxy agencies on our approach to executive remuneration. The views of our shareholders are important to us and the feedback we have received has been helpful. The committee will seek to consult further with shareholders to understand and discuss the specific rationale for any votes against our report."
"The remuneration committee recognises the appropriate incentivisation of a new management team embarking on a major transformation of the business is a difficult judgement," it continued.
Dixons said both Chief Executive Alex Baldock and Chief Financial Officer Jonny Mason deferred their entire cash bonus into share awards that they cannot cash in for two years, volunteering to do so as the current performance of the firm is not being reflected in its share price.
Dixons shares were 7.0% higher on Thursday at a price of 117.05 pence each.
Earlier Thursday, the firm reported a 10% drop in UK & Ireland mobile like-for-like revenue, and a 12% reported revenue drop, for the 13 weeks ended July 27. Group revenue growth for the period was zero for both reported and like-for-like.
Chief Executive Baldock said: "We're on track with both our trading this year and our longer-term transformation."
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