Jun 15, 2017

Shareholders rebuke Morrisons over executive pay

Wm Morrison on Thursday suffered a backlash from shareholders over pay as the company increased the potential share award for its chief executive David Potts while slashing the profit and cash flow targets he must hit to qualify for the stock. The UK's third-largest supermarket group secured narrow backing at its annual meeting for a scheme that takes effect in Morrisons' current financial year and will increase the maximum share award for executive directors to 300 per cent of their salaries. The shareholder rebuke follows criticism of Morrisons from two influential investor bodies that objected to the new share scheme, which they said offered executives richer rewards and laxer targets. Morrisons chairman Andy Higginson said the group had "Consulted widely with shareholders" and "Fundamentally disagree[d] with the ISS analysis of the performance targets". Mr Potts took over at Morrisons in 2015 after a four-year slump in sales.

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