Next chief executive Lord Wolfson has been awarded his highest level of pay since 2015, even though the retail giant was helped by the Government during the pandemic. The news has angered some investors, who are being urged to vote against the pay package.
Lord Wolfson took home almost £4.4m last year, up 50% on the previous year. The bonus element was almost as much as his salary.
The pay package will be put to a shareholder vote on Thursday, with the Institutional Voting Information Service (IVIS) essentially urging shareholders to vote against the chief executive’s pay. The IVIS said that shareholders would need to be satisfied that the bonus was appropriate, bearing in mind the retailer received government help, including furlough pay and business rates relief.
According to a Next spokesperson, however, Next repaid £29m of business rates relief and has also given back any further support taken when shops were reopened,
The spokesperson also said that Next had a very good trading performance in 2021, and pointed out that in 2019 directors had voluntarily waived their bonuses. Many companies are facing pressure from shareholders this year, as dividends are in some cases cancelled and share prices are depressed.
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