Domino’s investors protest against pay

Kasmira Jefford
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SHAREHOLDERS in Domino’s Pizza protested against the firm’s proposed bonus package for its top executives at the AGM yesterday as quarterly sales slowed.

Over 16 per cent of investors voted against changes to the remuneration report that will see the top directors take home up to 500 per cent of their salary in bonuses if they achieve their long-term target of 15 per cent earnings per share growth over three years.

Domino’s said “following consultation with many of our larger investors, we have noted their views” but said it was pleased with the overall outcome.

The results of the meeting were published after Domino’s revealed like-for-like sales across its 660 mature stores rose 3.5 per cent in the three months to 25 March, down from 4.2 per cent in the same period last year.

Like-for-like sales growth in all Domino’s UK stores slowed to 3.6 per cent from 5.5 per cent in the first quarter of 2011 while Ireland jumped into positive territory, up 1.7 per cent compared to a 10.5 per cent fall last year.