Jun 10, 2020

Morrisons faces AGM backlash on pensions

Supermarket chain Wm Morrison faces an investor rebellion at its annual meeting on Thursday amid simmering controversy about its executive pay policy. Morrisons chief executive David Potts and chief operating officer Trevor Strain will continue to receive pension contributions of 24 per cent of their basic salaries this year, against 5 per cent contributions for shop-floor staff. Although the company said Mr van Kralingen and Neil Davidson had left "To pursue other interests", people familiar with the matter said there had been disagreements over pay, pensions and corporate governance. Morrisons said it had "Set out a clear commitment to reduce pension allowances for executive directors over the lifetime of our remuneration policy." "Just because Morrisons has had a good crisis doesn't mean it shouldn't be reducing those pension pots for executives."

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