DS Smith hit by AGM rebellion

Michael Bow
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RECYCLED packaging maker DS Smith encountered a shareholder rebellion yesterday after nearly a third of investors voted against its remuneration report at a general meeting in London.

The company, which had put forward bonuses of £570,000 for chief executive Miles Roberts and £357,000 for group finance director Steve Dryden, equivalent to one hundred per cent of salary, saw 68.5 per cent of votes back the report versus 31.5 per cent of votes against, passing the resolution.

Remuneration committee chair Chris Bunker said in the report: “We want our employees to be fairly compensated and incentivised.”