Investor backlash over pay at Dixons Carphone AGM
Electrical goods giant Dixons Carphone faced an investor backlash at its annual general meeting (AGM) this afternoon, following controversy over share awards handed out to its chief executive.
Almost 17 per cent of shareholders voted against proposals to approve the annual pay report for directors at the firm and re-elect boss Alex Baldock as a director.
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Investor opposition comes in the wake of a recommendation from proxy adviser Institutional Shareholder Services (ISS) to vote against motions at today’s AGM.
Earlier this year Baldock was granted almost 1.2m shares with a face value of over £2.3m as part of a long-term incentive plan.
The revolt comes on the same day as Dixons posted a double-digit drop in mobile phone sales during the last quarter.
While it said it was still on track to meet its financial guidance for the year, Dixons reported a 10 per cent drop in like-for-like mobile phone sales in its UK & Ireland markets during the 13 weeks to 27 July.
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The
consumer electronics giant has been hit by a growing volume of
customers keeping their handsets for longer and going for SIM-only
deals rather than long-term contracts with a specific network.