DOMINO’S PIZZA, INC.
NYSE: DPZ                                         Meeting Date: 4/29/2014

Despite implementing an annual dividend in 2013 and managing to maintain fairly impressive stock returns throughout the past several years, Domino’s may nonetheless find themselves at odds with its shareholders at this year’s annual meeting. A letter from CtW Investment Group (“CtW”) in April 2014 called on shareholders to withhold votes from director Balson, the compensation committee chairman, as well as to oppose the pizza giant’s advisory vote on executive compensation. The group highlights in particular the significant discretionary awards granted to both executives and non-executive directors in conjunction with the decision to implement the company’s annual dividend policy, as well as the extremely short-term nature of the incentive structure in place for the company’s current executives.

With shareholder support levels for the company’s say on pay hovering above 93% each year, it may appear that shareholders have thus far been willing to look the other way when it comes to the short-term nature of the Domino’s pay structure. At the 2014 annual meeting, however, shareholders may wish to carefully evaluate whether the company’s actions in the past year have been fully appropriate, and whether the price tag tied to the introduction of an annual dividend is worth the extra cash in their wallets.

 

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