10th Jun 2021 13:57
Wm Morrison Supermarkets PLC - Bradford, West Yorkshire-based grocer - Shareholders at the annual general meeting reject the directors' remuneration report by 70% to 30%. The revolt was over the board remuneration committee's decision to apply "selective discretion" in calculating bonuses and other executive rewards. The committee adjusted for direct costs of Covid-19. The board said Morrisons performed "exceptionally well" during the pandemic, doing its best "to feed the nation and to make sure no-one was left behind".
"In these circumstances, the remuneration committee believed that it was appropriate to apply some discretion to the remuneration of the senior executives," Morrisons said. "It is a matter of sincere regret to the committee that it clearly has not been able to convince a majority of shareholders - or the proxy voting agencies - that this was the right course of action."
While 70% of shareholders voted against the remuneration report, a vote that is non-binding, less than 15% voted against re-electing Remuneration Committee Chair Kevin Havelock to the board, which would have been. The board promised to continue to listen to the view of shareholders and make the case for the remuneration discretion.
Current stock price: 176.28p, down 0.2% on Thursday
Year-to-date change: down 0.6%
By Tom Waite; [email protected]
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