Investors open fire on JD Sports
Retailer JD Sports has come under attack from shareholder groups for what they consider to be excessive salaries and bonuses for directors ahead of the group's annual meeting next week.
The Association of British Insurers is issuing a 'red-top' warning - its highest level for alleged corporate governance failures - over salary increases and bonuses it believes are in excess of the average.
Executive chairman Peter Cowgill received a package worth £1.5m for achieving operating profit of £75m.
The ABI said it was also concerned by JD Sports being held by a small number of investors, including Pentland Group, which owns 54 per cent.
Shareholder proxy group Pirc has recommended that shareholders oppose the group's remuneration report.
A spokesman for JD Sports said director remuneration reflected a sharp increase in the company's performance.
He said earnings per share rose to 114p for 2010 compared with 88p in 2009.
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