WH Smith aims to quell revolt

WH SMITH bosses today pledged to continue “constructive discussions” with shareholders after an investor backlash against plans to pay CEO Carl Cowling a £550,000 bonus.

The payout squeezed through in a vote with 54% approval at the retail chain’s annual meeting but raised hackles among rebels angered by the company handing out the six-figure sum despite having received government cash in furlough and business rates relief.

In a separate protest vote, 22 per cent of investors were against the re-election of Maurice Thompson, the former chairman of collapsed supply-chain lender Greensill, as a non-executive director.

In a note to the stock market, the company said today that Marion Sears, chair of the remuneration committee: “looks forward to continuing the company’s constructive discussions with shareholders”.

It said that the board would also continue its “ongoing dialogue to fully understand any additional concerns” over Thompson’s re-election. Shares in WH Smith rose 26p to 1688p today.