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N Brown exec bonuses under threat

Fashion retailer N Brown could be a victim of a shareholder revolt tomorrow as investors prepare to vote against executive bonuses.

Shareholder adviser ISS has recommended N Brown shareholder’s vote against the company’s remuneration policy, according to City AM, arguing that bonuses are not linked closely enough to job performance.

Last month, the business announced that it had entered into a consultation process with colleagues over the future of its store estate.

Sales of womenswear have taken a particular hit for the retailer, with product revenue falling 2.8% in the 13 weeks to 2 June.

N Brown currently has 20 Jacamo and Simply Be stores in the UK. It closed five shops in 2017.

A statement from the Board said: ”The Board takes the views of shareholders and other bodies very seriously and will consider feedback provided as part of its commitment to maintaining the highest governance standards.

“The Board has proactively engaged with investors on its remuneration policy. The targets that were set for the year ending February 2018 were seen as stretching and the Committee are comfortable that the targets were achieved.”

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