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ASOS facing shareholder pushback over excessive salary concerns

Chloe Burney
29 December 2022

ASOS is preparing to face shareholders in a meeting on 11 January after some have raised 'concerns' over excessive salaries.

Shareholder advisory service Pirc has recommended ASOS investors reject or abstain on more than a third of the 15 motions presented in the shareholder's meeting to combat any financial dips.

This news follows ASOS' reported loss of £31.9 million in the year to 31 August 2022. Its performance in the second half of the year was weaker than expected, particularly in international markets.

Pirc said ASOS's executive payouts "raised concerns for potential excessiveness", as revealed in last year's pay report, which reported that interim CEO Mat Dunn's salary reached £567,000.

The company's pay policy for the coming year means newly-appointed CEO José Antonio Ramos Calamonte's total potential payout could reportedly reach £4.2 million.

Pirc also took aim at chairman Jorgen Lindemann, who has overseen moves on sustainability, suggesting shareholders should not re-elect Lindemann. This advisory service suggests that ASOS has "an inflated view of bosses value".

A spokesman for ASOS said it is 'not unusual' for shareholder advisers to take differing views on resolutions, adding 'its pay policies encourage strong performance from bosses'.

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