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Solomon Lew-controlled rag trader Premier Investments could be tempting another protest vote from shareholders after upping chief executive Mark McInnes' total remuneration to $6.2 million in 2016.
Mr McInnes pay package jumped by $829,994 during a year in which the company busted through the $1 billion sales mark. His pay included an increased base salary of $2.5 million, up from $2 million previously.
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The overall pay rise came despite his short-term bonus falling to $2 million during the year., from $3.1 million the year prior. He received a further $1.5 million-plus in share-based long-term incentives.
Shareholders voted to approve raising Mr McInnes's base pay and reconfiguring his long-term bonus arrangements at a company meeting in June. However, there was considerable investor discontent at the meeting, with more than 25 per cent voting against the increased pay packet.
The size of Mr McInnes's bonus for the year was not known at the June meeting.
Investors will again get to vote on Mr McInnes' remuneration package at a meeting in December. The company copped a 'strike' last year against its executive pay meaning more than 25 per cent of shareholders did not support the company's pay structure. A second strike would result in a board spill, with all of the company's directors having to stand for re-election.
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Premier Investments owns the Just Group which in turns runs a host of retail brands including kids stationery supplier Smiggle, sleepwear chain Peter Alexander, and apparel houses Jacqui E and Just Jeans.
In a separate development, Just Group has secured a stay against its former chief financial officer Nicole Peck joining rival chain Cotton On.
Happy days: Premier Investments chair, Solly Lew (right) and chief executive Mark McInnes at a Peter Alexander store. Photo: Edwina Pickles
Just Group was granted the stay on Wednesday after it filed an appeal in the Supreme Court of Victoria against an earlier decision that found Just Group's attempts to restrain Ms Peck from joining a competitor were unreasonable.
The appeal will be heard in December. Until that date, Just Group will continue to pay Ms Peck's wages.
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