In the latest investor protest at high executive pay, more than half of Morrisons shareholders failed to back a package awarding the supermarket’s chief executive up to £5.3m this year, up from £2.8m last year.
Investors representing 48% of grocery retailer Morrison's shares voted against the company’s remuneration report, rising to 51% with abstentions, at the recent annual shareholder meeting. The supermarket had announced plans to increase the maximum long-term bonus for its chief executive, David Potts, from 240% of his basic salary to up to 300%. Potts earned £2.8m last year, of which £1.7m was an annual bonus. He was also awarded shares that could ultimately generate a long-term bonus of up to £2.04m – or 240% of his salary of £850,000. This year he could earn up to £5.3m, with 48% of the total coming from a long-term bonus worth up to 300% of his salary.
According the report in the Guardian here, Tesco’s chief executive, Dave Lewis, is also expected to come under fire at its AGM. Lewis earned £4.15m in the year to February, 10% less than the previous year, after the retailer failed to hit all targets attached to his bonus.
The Sustain alliance campaigns for greener, fairer and healthier food systems. Read our blog on the yawning pay ratios in the food sector here.
Published Friday 23 June 2017
Sustain: Sustain The alliance for better food and farming advocates food and agriculture policies and practices that enhance the health and welfare of people and animals, improve the working and living environment, enrich society and culture and promote equity.
