Domino’s Pizza boss J Patrick Doyle is getting too large a slice of the pie, shareholders will tell the company’s board at the fast food chain’s annual meeting on Tuesday.
The two largest shareholder advisory groups, ISS and Glass Lewis; CalSTRS, California’s $183bn teachers’ pension fund; and Change to Win investment group, which advises trade union-sponsored pension funds, have all voiced concerns about compensation at the pizza company ahead of Tuesday’s annual shareholder meeting in Ann Arbor, Michigan.
Michael Pryce-Jones, senior governance policy analyst at Change to Win Investment Group, said Doyle’s pay deal was worth $43m over the last three years and was three times as large as the median pay package of his peers.
With stock markets at near record highs, shareholders have been focussing less on pay deals but that was changing, he said. “In the US a lot of people are suggesting the stock market rally justifies pay levels,” he said. “Shareholders are more sophisticated than that and will see past this focus on short termism. Domino’s has one of the most short-term focuses I have ever seen.”