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Asos shareholders have approved a new pay plan for executives with the group’s new Value Creation Plan (VCP).
According to the company, the scheme aims to further align executive directors and the senior leadership team with its “ambitious growth plans”.
Around 91.82% of shareholders voted in favour to amend the long-term incentive section of the directors’ remuneration policy with the new VCP.
Asos stated that the VCP is “to incentivise its senior leaders to deliver exceptional value for shareholders through substantial growth in the company’s share price”.
However, the group added that the VCP will only deliver value to recipients to the extent the share price exceeds £6.70.
Additionally, almost 92% of the shareholders also approved the revised director’s remuneration policy.
According to Asos, no other changes to the 2023 Remuneration Policy are proposed other than “minor updates to the malus and clawback provisions”.
Jørgen Lindemann, Asos chair, said: “The board of directors of the company believe that all the proposed resolutions set out in this notice are in the best interests of the company and its shareholders as a whole.”
