Dixons Carphone bosses face backlash from investors over pay

Consumer electronics retailer Dixons Carphone is facing backlash from investors afters its AGM yesterday (5 September), over the pay and bonuses received by its management team.

According to Sky News, it comes after the group’s CEO Alex Baldock was awarded shares worth over £2.3m earlier this year under a long-term incentive plan.

Despite this, 76.54% voted in favour of its remuneration report, which included the support from most of its largest shareholders, but the company’s board said it acknowledges that a “significant” minority of shareholders did not support this resolution.

The company’s committee said it will “seek to consult further with shareholders to understand and discuss the specific rationale for any votes against [the] report”.

Additionally, the retailer reported a 10% decrease in like-for-like revenue for UK and Ireland mobile sales in its first quarter results, which the retailer said was “in line” with plans in what “continues to be a challenging traditional postpay market”.

During the 13 weeks to 27 July, UK and Ireland like-for-like sales increased by 2%. International sales also increased by 4%, with a 4% rise in the Nordics and a 7% rise in Greece.

Baldock said: “We’re on track with both our trading this year and our longer-term transformation. In electricals we continued to grow and win market share in all territories and customer satisfaction further improved. The Mobile market is as challenging as expected, underlining the need for decisive actions that we set out in June.”