Ocado boss Tim Steiner faces a shareholder revolt over his pay today.
Investors have been urged to vote against the £15m pay policy by advisory groups Glass Lewis and Institutional Shareholder Services (ISS). They say a new scheme may cause ‘excessive pay’.
ISS said its concerns were ‘exacerbated by… no dividend and a general decline in share price.’
Under the proposals, Steiner, 54, (pictured with partner Patrycja Pyka) could be paid a share award worth £14.8m from 2027 if he improves its stock market performance and boosts cash flow.
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He would have to boost the share price to £29.69, a £750 per cent increase to Friday’s closing price of £3.50.
Ocado has lost almost 90 per cent of its value since a Covid peak in 2020.
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