A key David Jones (DJS) shareholder has urged the group to appoint more retailers to its board and change the way it rewards chief executive Paul Zahra to make sure the company is not left in limbo while it looks for a successor, The Australian Financial Review reports.
According to the newspaper, BT Investment Management, which owns almost five per cent of the retailer, also defended shareholders' right to engage with boards over remuneration and corporate governance.
BTIM head of equities Crispin Murray told the AFR the shareholder, like Perpetual, plans to vote against the remuneration report tomorrow, meaning a "first strike" is possible.
"Our focus is to get the best outcome for shareholders in the long run. The fact there is a dialogue is a good thing - it's about engagement and shows that capitalism is working," Mr Murray told the newspaper.