30% vote against £100m bonus for CEO Tim Steiner
- 30% of Ocado shareholders vote against £100m CEO bonus plan
- CEO Tim Steiner could earn up to £20m a year if certain targets are met
- Shareholders expressed concerns over non-standard nature of the VCP (Value Creation Plan)
Almost 30% of Ocado shareholders voted against the company’s remuneration policy that would see its chief executive, Tim Steiner, receive up to £100 million over the next five years. The plan, which has been extended until 2027, will pay Steiner up to £20 million a year if certain share targets are met. This comes after the company missed a share price target that would have triggered a bonus payment for Steiner in March. Ocado’s remuneration committee engaged with large shareholders and representative bodies regarding the proposed changes, acknowledging concerns but maintaining belief in the plan’s ability to drive growth and reward performance.
Factuality Level: 10
Factuality Justification: The article provides accurate information about Ocado’s shareholder votes on remuneration policy and CEO Tim Steiner’s compensation, citing specific numbers and quotes from the company’s statement.
Noise Level: 3
Noise Justification: The article provides relevant information about Ocado’s shareholder votes on its remuneration policy and CEO Tim Steiner’s compensation, discussing the company’s perspective on the matter and the reasons behind their decisions. It also includes some insights into the challenges of recruiting talent in the technology sector. The article stays on topic and supports its claims with data (29% of shareholders voted against the policy). However, it could benefit from more analysis or context about the broader implications of executive compensation in the industry.
Financial Relevance: Yes
Financial Markets Impacted: Ocado shareholders
Financial Rating Justification: The article discusses Ocado’s remuneration policy for its CEO and other executives, which impacts the company’s financial situation and potentially affects shareholder decisions.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.
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