SuperGroup is latest Brit firm facing rebellion

ref=

ref="http://www.cityam.com/company/supergroup">SUPERGROUP directors face the possibility of a shareholder rebellion at this week's annual meeting after advisory bodies criticised the fashion retailer's plans for executive pay.

Both PIRC and the Association of British Insurers (ABI) last week raised objections to SuperGroup's remuneration report, which if passed will see new chief operating officer Susanne Given receive shares worth £900,000 as a so-called golden hello as well as a guaranteed bonus of £350,000 next year - the same amount as her salary.

The ABI issued an "amber alert" over remuneration plans, the second most serious warning it can raise, while PIRC criticised other directors' remuneration schemes, which are based on shareholder earnings over the year. "The [earnings] targets are not considered sufficiently challenging given broker forecasts," PIRC said.

SuperGroup, whose shares rose over 20 per cent last week as it reported a 10 per cent increase in sales, said it was "confident that the resolution will pass comfortably". Chief executive Julian Dunkerton and brand director James Holder, who founded SuperGroup in 1985, own just under half the company between them.

Despite last week's good news, SuperGroup's growth was slower than in recent years, and followed four profit warnings in 12 months.

SuperGroup, which makes the popular Superdry brand, will hold its annual meeting on Thursday.