Shareholder fury as boss of Home furnishings chain Dunelm sees pay quadruple to £4m
Home furnishings chain Dunelm is under pressure over a £4million pay package for its boss.
Shareholder advisory group Pirc has advised investors to vote against the firm’s pay plans at its annual general meeting next Tuesday, after chief executive Nick Wilkinson’s pay more than quadrupled to £4million for the year to June, from £959,000, including £3.4million in bonuses.
Shares worth £2.8million under an incentive scheme vested, and he got a £570,000 annual bonus.
Rewards: But shareholder advisory group Pirc has advised investors to vote against Dunelm’s £4m pay package for chief exec Nick Wilkinson (pictured)
Pirc said: ‘The ratio of the CEO’s pay compared to average employee pay is considered unacceptable, standing at 66:1.’
Pay for Dunelm finance head, Laura Carr, shot up to £2.5million from £496,000 the previous year, thanks largely to £2million in bonus and long-term share payouts.
Dunelm’s sales have boomed as Britons splashed out on their homes and gardens during Covid-19, and it has notched up a 44 per cent jump in annual profits.
In its annual report it said: ‘Management remuneration is performance-related and is calculated over multi-year periods in order to incentivise and reward sustained strong performance.’