Investor group joins DJs revolt
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While other shareholders are expected to use the vote as an opportunity to protest about recent controversies at David Jones - share acquisitions by two directors days before price-sensitive announcements by the company, as well as the mysterious and sudden resignation of chief executive Paul Zahra - the ASA said there were legitimate reasons for rejecting the report in its own right.
Given poor results to date and the meagre prospects in sales, margins and multi-channelling, the ASA said the short-term incentives (STI) offered to the executive team were too generous.
"Mr Zahra was awarded 88 per cent of his STI for 2012-13, which seems excessive," the ASA report said.
A no vote on a company's remuneration report of more than 25 per cent at two consecutive annual meetings triggers a resolution to spill the entire board.