Online retailer Asos is braced for a shareholder revolt over its finance chief’s pay, after he was handed £400,000 in shares to join the AIM-listed giant in April.
Mat Dunn also received a base salary of £425,000, 21.4% more than his predecessor, Helen Ashton, who quit in March last year.
The influential shareholder adviser Glass Lewis has recommended a vote against the company’s remuneration report at Asos’s annual meeting on November 27.
It said shareholders’ concerns were “likely to be increased” because of the 46% plunge in the share price over the past year. The stock closed on Friday at £30.76, valuing the fashion retailer at £2.7bn.
Dunn, 45, was granted share options of £400,000 to replace forfeited awards from Britvic, where he held the same post for 3½ years. Asos said executive pay was determined by an “external benchmarking exercise”.