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.
Subscribe to 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.
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.

Matthew graduated from the University of Durham in 2004; he then gained an MSc, followed by a PhD at the London School of Economics.
He has previously written for a wide range of publications, including the Guardian and the Economist, and also helped to run a newsletter on terrorism. He has spent time at Lehman Brothers, Citigroup and the consultancy Lombard Street Research.
Matthew is the author of Superinvestors: Lessons from the greatest investors in history, published by Harriman House, which has been translated into several languages. His second book, Investing Explained: The Accessible Guide to Building an Investment Portfolio, is published by Kogan Page.
As senior writer, he writes the shares and politics & economics pages, as well as weekly Blowing It and Great Frauds in History columns He also writes a fortnightly reviews page and trading tips, as well as regular cover stories and multi-page investment focus features.
Follow Matthew on Twitter: @DrMatthewPartri
-
Watch out for fake Steven Bartlett video – you could lose thousands
Scammers are trying to tap into the Trump tariffs chaos, but knowing what to look out for could save you thousands of pounds, says Kalpana Fitzpatrick
By Kalpana Fitzpatrick
-
Can Donald Trump fire Jay Powell – and what do his threats mean for investors?
Donald Trump has been vocal in his criticism of Jerome "Jay" Powell, chairman of the Federal Reserve. What do his threats to fire him mean for markets and investors?
By Katie Williams
-
Out of America's shadow: Why Trump's tariff chaos may be good for non-US stocks
Opinion Upending global investment and trade could benefit other countries at the expense of the US market, says Cris Sholto Heaton
By Cris Sholto Heaton
-
Tesco braces for supermarket price war with rival Asda
Tesco, Britain’s biggest grocer, has opted to cut its prices more quickly to prevent Asda grabbing market share
By Dr Matthew Partridge
-
BP's 'long, painful decline' – and why next year could be even tougher
Opinion Long-suffering shareholders in oil giant BP have been pushing for change. It won’t come soon enough, says Matthew Lynn
By Matthew Lynn
-
Investment trusts tap the profits in exotic and obscure global markets
Opinion Peter Walls, manager of the Unicorn Mastertrust fund, highlights three investment trusts as he shares where he'd put his money
By Peter Walls
-
Can a rebrand save WH Smith?
Opinion WH Smith's high-street shops have had their day and a change of owner is unlikely to turn things around, says Matthew Lynn
By Matthew Lynn
-
Falling revenues and mounting debt spell trouble for Jumia Technologies
Struggling African e-commerce platform Jumia Technologies looks headed for the exit, says Dr Matthew Partridge.
By Dr Matthew Partridge
-
Greggs’ enduring recipe for success on the high street
Greggs grew from a shop founded in Newcastle after the war into a national treasure. Profits will continue to roll in for patient investors, says Jamie Ward
By Jamie Ward
-
Next reports £1 billion in annual profits for the first time – what's next for the retailer?
Clothing retailer Next has become only the fourth member of its sector to surpass £1 billion in annual profits. What does this mean for the company's future?
By Dr Matthew Partridge