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AUM in Action

Shareholders Question Ocado Pay Ratio

Ocado shareholders will be challenging the UK-based grocery giant on the pay disparity between its workforce and CEO during its AGM today (29 April). NGO ShareAction and investors who are members of its Good Work investor coalition will be asking the company board to explain its proposed £14.8 million (US$18.5 million) pay packet for CEO Tim Steiner, while it still fails to pay hundreds of workers the FTSE100 company living wage of £12 an hour. Shareholders are asking Ocado to get accredited as a living wage employer, meaning all staff – including third-party contractors – would be guaranteed that minimum pay on an ongoing basis. “Low wages and the cost-of-living crisis are leaving growing numbers of people in the UK unable to buy food and living in poverty despite being in work,” said Dan Howard, Head of Good Work at ShareAction. “Ocado has been talking about addressing low pay for five years, but has yet to make a long-term commitment. Today we’re calling on the board to pay the real living wage – this would make a significant difference to the lives of hundreds of its lowest-paid workers.” Members of the Good Work investor coalition represent US$6.6 trillion in AUM.

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