Ocado boss Tim Steiner is facing a shareholder revolt over his pay

Economy
By Liam

By city and financial reporter

Updated:

Ocado boss Tim Steiner is today facing a shareholder revolt over his pay.

Investors have been urged by advisory groups Glass Lewis and Institutional Shareholder Services (ISS) to vote against the £15 million pay policy. They say a new scheme could cause ‘excessive rewards’.

ISS said its concerns were “exacerbated by… no dividend and a general decline in the share price.”

Under the proposals, 54-year-old Steiner (pictured with partner Patrycja Pyka) could receive a share award worth £14.8 million from 2027 if he improves stock market performance and boosts cash flow.

He should increase the share price to £29.69, an increase of £750 per cent on Friday’s closing price of £3.50.

Ocado has lost almost 90 percent of its value since a Covid spike in 2020.

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