An influential investor group has urged JD Sports shareholders to vote down its pay report at its annual general meeting on 28 June.
Following backlash from one fifth of investors at last year’s annual general meeting, JD Sports has done little to address concerns according to a note to investors from Pensions and Investment Research Consultants (Pirc), City AM reports.
The sportswear company has enjoyed strong performance in recent years with record profits of £294.5m reported for the year to 3 February, up 24% compared to the previous year.
However, Pirc said the 10.5% increase in executive chairman Peter Cowgill’s pay was “not in line with the rest of the company” compared to a head office average of 4.4%.
Pirc added: “There is no evidence that the company engaged with shareholders in relation to the significant opposition, nor is there any evidence that concerns behind the opposition have been addressed.”
Pirc also urged investors to reject the company’s annual report and the re-election of Cowgill at its annual general meeting.
Drapers has contacted JD Sports and Pirc for comment.