Following a general meeting, shareholders of British e-tailer Asos have approved the company’s new executive pay plan, which would apply amendments to its long-term incentive plan.
Proposed earlier in August as part of its Remuneration Policy, the newly dubbed ‘Value Creation Plan’ (VCP) intends to make changes to the current dilution limits proposed in Asos’ 2022 incentive scheme, deferred bonus plan and sharesave plan.
Ultimately, the VCP aims to align the interests of executive directors and senior leadership with the company’s growth objectives, increasing employee interest in long-term business goals as part of further attempts to turnaround widening losses.
Asos noted that the VCP would only deliver value to recipients “to the extent the share price exceeds 6.70 pounds”. It currently sits at 365 pence-per-share.
The plan received a 91.82 percent approval rate.
At the beginning of the year, CEO José Antonio Ramos Calamonte dubbed FY24 a “year of continued transformation” for Asos, setting about on a mission to take necessary actions to deliver a more profitable business.
In Asos’ latest financial report, Calamonte said: “Asos is becoming a faster and more agile business, and we are reiterating our guidance for the full year as we lay the foundations for sustainable profitable growth in FY25 and beyond."
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