JD Sports pledges further shake-up of boardroom pay after backlash over boss Peter Cowgill’s £4.3m bonus
JD Sports has pledged a further shake-up of boardroom pay after a backlash.
The FTSE 100 company said changes will ‘further align executive pay with long-term interests of its shareholders’.
It is still searching for a new head of its remuneration committee following the ousting of Andrew Leslie in July.
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As well as effectively sacking Leslie by refusing to back his re-election, nearly a third of investors voted against the company pay report.
The backlash came after JD handed executive chairman Peter Cowgill, 68, a £4.3m bonus even after taking millions in Covid support from the taxpayer. Cowgill’s total pay reached nearly £5m despite a 75 per cent cut to his basic salary during the pandemic.
JD said it has ‘received very positive feedback from shareholders in respect of the changes ‘. It added: ‘It is hoped that the support from shareholders for the remuneration report will increase once these changes are fulfilled.’
JD has appointed three independent directors: former Nike executive Bert Hoyt, former Asos finance chief Helen Ashton, and Mahbobeh Sabetnia, once of Amazon.