Asos shareholders have approved the fashion retailer’s new executive pay plan, which it said better aligns with its “ambitious growth plans”.
Almost 92% of shareholders have voted in agreement for the etailer to replace its long term incentive scheme with a Value Creation Plan (VCP).
Asos said earlier this month that the VCP aims to “incentivise its senior leaders to deliver exceptional value for shareholders through substantial growth in the company’s share price”.
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However, it cautioned that its VCP “will only deliver value to recipients to the extent the share price exceeds £6.70”. It is currently 365p-a-share.
Almost 92% of shareholders also approved changes to the directors’ remuneration policy.
The retailer said at the start of the month that the changes “demonstrates the ambition which the plan seeks to incentivise and reward”.
It comes as Asos reported its pre-tax losses widened to £120m in its half year as sales plummeted 18% amid its turnaround plan.
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