JD Sports faces investor backlash over boss's bonus

JD Sports is facing an investor backlash after handing its boss a £4.3m bonus despite benefiting from hundreds of millions of pounds in Covid support.

Executive chairman Peter Cowgill's total pay, including a reduced salary, reached nearly £5m last year.

Shareholder advisory group Glass Lewis recommends that investors vote against JD Sports' "inappropriate" pay policy.

The retailer received £86.1m through the furlough scheme and an estimated £38m in business rates relief.

JD Sports was also granted a £300m loan through the Bank of England's Covid Corporate Financing Facility Scheme which was set up to help larger firms through the pandemic.

JD Sports said it had not used any of the loan by the time the scheme closed in March.

As a non-essential retailer, JD Sports was forced to close during lockdown. However, the company, which has stores across the UK, Europe, the US and Asia Pacific, reported a 0.9% rise in revenues to £6.1bn as it shifted sales to online.

Pre-tax profit fell by 7% to £344m.

JD Sports will hold its annual general meeting on 1 July when shareholders will be invited to vote on the company's remuneration report alongside other resolutions.

According to The Sunday Times, Glass Lewis is also recommending that shareholders vote against the re-election of Mr Cowgill due to what it claims is inadequate succession planning.

It also said there had been a lack of progress on the board's gender diversity. Mr Cowgill and chief financial officer Neil Greenhalgh are the only members of the executive board.

There are five non-executive directors comprising three men and two women, Heather Jackson and Kath Smith.

JD Sports has been contacted for comment.