Activist investor Oasis Management slammed the “disproportionate” pay package that’s set to be handed to the CEO of Wagamama owner The Restaurant Group (TRG), as it increased its stake in the firm.
Oasis now owns 12.3% of TRG, almost double its previous stake, ahead of the company’s AGM next month. There, it intends to vote against the group’s remuneration policy, which would give CEO Andy Hornby a base salary of £674,450, and a bonus of up to £1 million depending on performance.
“TRG CEO’s disproportionate pay has failed to promote value creation as shares have fallen by 73% since Andy Hornby became CEO, a markedly greater decline than suffered by industry peers,” Oasis said.
As well as the pay policy, Oasis will also vote against the re-election of Zoe Morgan as chair of the remuneration committee, “delivering a clear message that the Board’s approach to remuneration ignores shareholder feedback, fails to deliver value and should not continue”.
In February, Oasis said TRG has shown “little hope for the future” and is in need of a strategy overhaul.
