May 5, 2020 / 9:40 AM / 23 days ago

Ocado shareholder Royal London to vote against pay report at annual meeting

LONDON, May 5 (Reuters) - Ocado shareholder Royal London Asset Management said it will vote against the online supermarket’s pay report at its annual investor meeting on Wednesday in protest at “excessive” awards to management.

Co-founder and Chief Executive Tim Steiner received a 58.7 million pound ($73 million) pay and benefits package for 2019, including a 54.1 million pound bonus award linked to Ocado’s share price growth for five years from 2014.

“Ocado’s latest pay report is a classic example of how poorly designed incentive plans can lead to excessive awards for management,” Royal London, which holds a 0.3% stake in Ocado, said on Tuesday.

$1 = 0.8044 pounds Reporting by James Davey; editing by Jason Neely

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