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B&M hit by pay rebellion at AGM

Thu 29 July 2021 13:30 | A A A

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(Sharecast News) - More than one-fifth of shareholder votes opposed B&M European Value Retail's pay report at its annual general meeting as some investors rebelled against bigger bosses' bonuses.

The company said 22.8% of votes were cast against the remuneration report at the annual general meeting. As a result, B&M will have to report back within six months after talking to shareholders. The three-year remuneration policy was opposed by 18.5% of votes.

The report increased Chief Executive Simon Arora's maximum annual bonus to 200% of salary from 150% and allowed finance chief Alex Russo to receive up to 150% of his salary as a bonus, up from 125%.

Arora, the company's co-founder, was paid £3.6m in 2020-21, up from £1.2m a year earlier and including a salary of £654,741. The company has loosened restrictions on his salary in a move it said "recognises market pressures" and "reflects the national market for executive-level talent".

B&M said: "We note that the vote in favour of the resolution to approve the directors' remuneration report fell just below the 80% level. Prior to the AGM, we undertook a detailed and extensive consultation with shareholders regarding remuneration for FY22 onwards to gain an understanding of their views.

"Following the AGM, we will implement the refreshed directors' remuneration policy, which was approved with a vote in favour of 81.46%, and invite shareholders to continue to engage with us as part of an ongoing constructive dialogue."

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