Unsportsmanlike conduct at JD Group
JD Group shareholders have staged a revolt over executive pay.
JD Group, which owns retailer JD Sports, has become the latest big company to receive a “bloody nose” over executive pay, say Sarah Butler and Jillian Ambrose in The Guardian.
Last week it faced a revolt because executive chairman Peter Cowgill “was paid almost £6m in bonuses since February last year, despite the company accepting more than £100m in government support”.
While shareholders ultimately approved the package, thanks to majority stakeholder Pentland Group, they did so with “lower levels of support” than usual. Smaller investors also voiced their anger by forcing out Andrew Leslie, the chair of the remuneration committee. Both investors and the public have “good reason” to be angry, says Ben Marlow in The Daily Telegraph.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Cowgill has steered the company through a difficult period, with online sales “booming during lockdown”, but this “weakens the case for accepting state handouts”. And it’s not the first time JD Group has behaved badly. It refused to pay rent at most of its 800 stores for two quarters and also hurt landlords by putting its Go Outdoors subsidiary into administration.
Still, Cowgill hasn’t had things all his own way, says Jamie Nimmo in The Sunday Times. In May he downplayed suggestions that he would “hand over some of his day-to-day responsibilities to a chief executive”, claiming that any CEO eventually appointed would be solely a “bag carrier”. But after last weeks revolt, a “sheepish” Cowgill was forced to admit that there is indeed a plan to bring in a CEO.
-
Pundits had a bad 2025 – here's what it means for investorsThe pundits came in for many shocks in 2025, says Max King. Here is what they should learn from them
-
The MoneyWeek ETF portfolio – early 2026 updateThe MoneyWeek ETF portfolio had a solid year in 2025 and looks well placed for what the next 12 months may bring
-
Pundits had a bad 2025 – here's what it means for investors
The pundits came in for many shocks in 2025, says Max King. Here is what they should learn from them
-
The MoneyWeek ETF portfolio – early 2026 update
The MoneyWeek ETF portfolio had a solid year in 2025 and looks well placed for what the next 12 months may bring
-
'Investors should brace for Trump’s great inflation'Opinion Donald Trump's actions against Federal Reserve chair Jerome Powell will likely stoke rising prices. Investors should prepare for the worst, says Matthew Lynn
-
The state of Iran’s collapsing economy – and why people are protestingIran has long been mired in an economic crisis that is part of a wider systemic failure. Do the protests show a way out?
-
The rise and fall of Nicolás Maduro, Venezuela's ruthless dictatorNicolás Maduro is known for getting what he wants out of any situation. That might be a challenge now
-
Polar Capital: a cheap, leveraged play on technologyPolar Capital has carved out a niche in fund management and is reaping the benefits
-
Vaccines inject billions into Big Pharma – how to profit from the sectorThe vaccines subsector received a big fillip from Covid, but its potential extends far beyond combating pandemics. Here's what it means for investors
-
'Investors should keep putting their trust in investment trusts'Interview Peter Walls, manager of the Unicorn Mastertrust fund, analyses investment trusts in a conversation with Andrew Van Sickle
