David Jones’ AGM is this week, and one of its biggest shareholders has already said it’s going to vote against the remuneration report.
Fund manager Perpetual owns just shy of 5%, and one of its portfolio managers Vince Pezzullo has told the Fin they will vote down the report.
That’s after chairman Peter Mason met with him, in an attempt to connect with the retailer’s major stakeholders ahead of the annual meeting.
Pezzullo says in the article that Perpetual was happy with Paul Zahra running the company — and is worried what will happen once he departs.
Zahra is going once a replacement can be found. His turnaround strategy looks as though it is beginning to work — but there have been rumours he quit after board interference.
There’s more here.