JACKSONVILLE, Fla. — Shareholders at Winn-Dixie’s annual meeting here voted to approve a “say on pay” proposal, which would allow shareholders a non-binding vote to ratify compensation of the company’s senior directors annually.
The proposal was submitted by activist shareholder George Schultze and his Purchase, N.Y.-based Schultze Asset Management firm, and was recommended for rejection by Winn-Dixie’s board.
Schultze in a statement said the voting demonstrated a “lack of confidence” in Winn-Dixie’s current compensation practices, noting that the retailer in 2009 provided compensation at 1.88% of market capitalization vs. 0.82% for peers. Schultze at the meeting also campaigned for Winn-Dixie to reduce spending on store renovations and instead repurchase shares.
