Jun 10, 2021

Morrisons suffers biggest UK pay revolt this year

Wm Morrison suffered the UK's largest investor rebellion over pay this year as 70 per cent of shareholders voting rejected the supermarket chain's remuneration report. The reverse tops other big pay revolts at miner Rio Tinto and publisher Informa among UK companies this year, according to Proxy Insight. Shareholders objected to the failure of the company's remuneration committee to adjust bonuses for the unexpected revenue windfall from the enforced closure of the hospitality industry for much of last year. There were no bonuses at Tesco after its remuneration committee decided against adjusting the criteria, while Roberts waived his bonus for the year. This is the second consecutive year that significant numbers of investors have voted against pay policy at the group.

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