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JD Sports could be subject to an investor backlash after awarding its boss a £4.3m bonus despite receiving millions of pounds in Covid support.
Shareholder advisory group Glass Lewis has urged investors to vote against the “inappropriate” pay policy after executive chairman Peter Cowgill's total pay reached nearly £5m despite a short-term salary reduction.
JD Sports said its pay policy reflected the group’s “sustained outstanding performance”.
A spokesperson for the sportswear firm said: “The posting of exceptional results during such a challenging climate demonstrates that the remuneration approach and steps taken throughout the pandemic continue to support and drive this performance.”
The company will hold its annual general meeting on 1 July when shareholders will vote on the company's remuneration report.
Glass Lewis is also recommending that shareholders vote against the re-election of Cowgill because of what it claims is inadequate succession planning.
Cowgill was given a special award of £6m for his performance in 2019, which was to be paid in instalments. It was included in his bonus figure for last year.
Before the pandemic JD Sports had already paid out £3m; then delayed a £1.5m payment that w