Pirc attacks Mulberry for failing to put incentive scheme to vote

Kasmira Jefford
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PIRC, the influential shareholder group, has accused Mulberry of “serious governance failure” for not putting its pay report to a vote at its annual meeting this Wednesday.

Although the luxury retailer is not required as an Aim-listed group to present a remuneration report, “it is considered to be best practice”, Pirc said. Mulberry declined to comment yesterday.

Last month the group awarded its senior management, led by chief executive Bruno Guillon, 171,500 shares worth almost £2m as part of a long-term incentive scheme introduced in December last year.

The scheme was launched after a slump in the retailer’s share price caused the value of the previous scheme to fall. Some 361,842 shares have been issued since December.

In the note out last week, Pirc also urged investors not to re-elect two non-executive directors because of their lack of independence.