Jun 10, 2021

Morrisons boss suffers huge revolt over £1.7m bonus

Supermarket Morrisons has suffered a huge shareholder revolt over plans to award bumper pay deals to its bosses. Just over 70% of shareholder votes were cast against the firm's remuneration proposals, which include paying chief executive David Potts a maximum £1.7m bonus despite a big fall in profits. The investor revolt comes a year after more than a third of investors voted against its pay policy for 2019-20, amid concerns over generous pension deals for Mr Potts and chief operating officer Trevor Strain. In assessing pay and bonuses, Morrisons said its remuneration committee felt that management should not be penalised by the costs of the crisis. Pirc, a shareholder advisory group that urged investors to reject Morrisons' pay plans, said the revolt was one of the biggest on record.

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