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Kingfisher: Investor 'Revolt' Over Laury's Bonus Payment

Veronique Laury 725 x 500

At the company's latest AGM, Kingfisher investors are understood to have taken exception to outgoing-CEO Veronique Laury's bonus payment of £522,000. 

Laury has held the top role at Kingfisher for five years and was paid £1.77m in total last year, up from £1.58m in the year prior.  She is being replaced by Thierry Garnier in the autumn.

Almost a quarter of shareholders voted against the bonus - with some opting not to vote at all - which comes in a year when Kingfisher's pre-tax profit dropped by 16% to £573m.

Kingfisher has said it will address investors within 6 months, stating:

"At Kingfisher we believe in proper alignment between pay and performance and our remuneration policy is designed to achieve this over the long term while incentivising the delivery of the ONE Kingfisher strategy.

"Over the past year we have engaged extensively with our shareholders, proxy advisors, and shareholder representative organisations in relation to our remuneration arrangements. The views of our shareholders are of paramount importance to the remuneration committee, and therefore the committee intends to consult further with shareholders to understand the specific rationale for any votes against our report."

Source : Insight DIY Team

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11 July 2019

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