Shareholders signal disapproval of WH Smith’s pay plan
Concerns were raised that WH Smith is paying out bonuses despite receiving taxpayer-funded COVID-19 support.
Up until 8th January, 2022, Tumelo users were voting on whether WH Smith was paying its executives right. The outcome? 67.01% of users voted against the company’s pay plan.
Give me context
On the face of it, CEO Mr. Carl Cowling’s pay of £1,183,000 doesn’t seem too surprising (by CEO pay standards). But behind the pay is a £550,000 annual bonus — despite company losses before tax totalling £116 million.
Most importantly, as voting advisors Glass Lewis noted,
“… we remain concerned by the decision to pay annual bonus awards to executives given the receipt of COVID-19 related government support…”
In short, WH Smith benefited from taxpayer money, doesn’t intend to pay it back like some other companies are, and is paying out bonuses. 💰️
WH Smith’s response
As Sky News reported, the high street staple said that this bonus was already approved by shareholders back in 2019. The company also said that its executives deserve the bonuses for their efforts in 2021.
Despite this, at its recent AGM…
45.60% of shareholders voted against WH Smith’s pay plan.
This is the second year WH Smith has received shareholder opposition to its pay plan, with last year’s pay plan receiving 33.00% resistance. 😯
At the moment, WH Smith wants to go ahead with its pay plan anyway. But shareholders sure did give the executives a run for their money.
✅ 67.01% of users voted against WH Smith’s pay plan.
✅ 45.60% of shareholders voted against WH Smith’s pay plan.
🤔 Want to continue pushing for change at companies you own?
Similar Votes Are Available!
Disney, Starbucks and Apple are also sharing their pay plans. Vote on your Tumelo platform to say whether you approve or disapprove of their CEOs’ pay.
*Please note, these votes may not be on every platform as the company might not be in every user’s portfolio.
