Accent Group has withdrawn several resolutions slated for discussion at its annual meeting on Friday. The late Thursday evening announcement included the removal of proposed amendments to the company’s performance right plan and the granting of certain incentives to chief executive officer Daniel Agostinelli. This decision follows scrutiny from proxy advisory firm CGI Glass Lewis, which advised its institutional clients to vote against the company’s pay report.
CGI Glass Lewis raised concerns over Agostinelli’s high fixed remuneration and the lowering of long-term incentive performance hurdles. According to their report, Agostinelli’s fixed pay is notably higher than many of his peers in similar listed companies. Furthermore, his fixed remuneration is set to increase by 17.65 per cent, from $1.7 million to $2 million in the 2026 financial year, despite the company’s performance falling short of expectations.
The proxy firm expressed scepticism regarding high fixed remuneration, arguing it is not directly linked to performance and can act as a safeguard when performance declines. They questioned the appropriateness of the CEO’s salary increase for the 2026 financial year, given that the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) decreased by 1.7 per cent, and net profit was 3 per cent lower in the last financial year.
Accent Group is a footwear and apparel retailer that operates a number of different brands across Australia and New Zealand. The company retails both in physical stores and online.
