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)
Ocado (OCDO)