JD Sports hit by pay revolt

JD SPORTS has suffered an investor rebellion over excessive pay for the retailer’s top brass.

More than 30pc of shareholders voted against the company’s remuneration report, meaning it will automatically be added to an official ‘named and shamed’ list of firms that have attracted a major revolt.

A further 19pc of investors attempted to block a resolution that will hand chairman and chief executive Peter Cowgill a one-off £6m cash bonus.

The 66-year-old was paid £2.6m in 2018, but JD Sports has called for him to get the special payment because he has not received any long-term award over the past two financial years.

He has also not been given any pension contribution payments since 2013. Andrew Leslie, chairman of JD Sports’ remuneration committee, narrowly avoided being booted off the board.

A total 49.7pc of independent shareholders voted against his re-election, just below the 50pc threshold needed to kick him out.

Almost 11pc of investors also voted against Cowgill’s re-election.

JD Sports was promoted to the FTSE 100 last month following a dramatic increase in its share price.

It is now worth just over £6bn, while rival Sports Direct – owned by billionaire Mike Ashley – is valued at £1.4bn. JD Sports said it would launch a review of corporate governance following the backlash.

Companies are added to a public register when more than 20pc of shareholders vote against a resolution at an annual meeting.