Jun 11, 2020

Morrisons faces investor backlash over executive pay

Wm Morrison has suffered a big shareholder protest over executive pay, with more than a third of votes cast against a policy that authorises large pension contributions. Shareholder advisory group ISS had recommended voting against, although rival Glass Lewis advocated supporting the policy. "Although the policy vote passed . . . the board acknowledges a number of shareholders decided to vote against the policy," it said, adding that Kevin Havelock, remuneration committee chairman, "Will continue to engage with shareholders and will report in due course on the outcome of those discussions". There were smaller rebellions over the re-election of chairman Andrew Higginson, which 12 per cent of shareholders opposed, and non-executive Belinda Richards, whose re-election was opposed by a fifth of investors. Morrisons said opposition to Ms Richards' appointment was "Primarily driven by the votes from a small number of institutional shareholders who applied a more stringent voting policy on directors' external commitments than is market practice".

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