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Glass Lewis joins Oasis in opposing TRG CEO’s pay package

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Oasis Management Company, the Hong Kong-based activist hedge fund seeking a leadership overhaul at Wagamama owner The Restaurant Group, has secured the backing of an influential shareholder advisory group in its protest against chief executive Andy Hornby’s pay deal.

Oasis Management Company, the Hong Kong-based activist hedge fund seeking a leadership overhaul at Wagamama owner The Restaurant Group (TRG), has secured the backing of an influential shareholder advisory group in its protest against chief executive Andy Hornby’s pay deal.

Oasis, which owns more than 12 per cent of TRG, has claimed that Hornby’s pay package is “disproportionate” and “unpalatable” in light of ‘poor performance’ at the company, which also owns the Frankie & Benny’s Italian-American themed restaurant chain.

Proxy advisory firm Glass Lewis has now said that it has “serious reservations” about TRG’s remuneration report and policy, and is recommending that shareholders vote against both at its annual meeting on 23 May.
 

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