11th Jun 2020 16:50
(Alliance News) - All resolutions at WM Morrison Supermarkets PLC's annual general meeting passed, the grocer said on Thursday, but not without a slight hitch with more than a third of shareholders voted against its directors' remuneration report.
A motion to re-elect Belinda Richards as a non-executive director also drew the ire of a sizable chunk of investors.
Morrison's said 35% of voters rejected its directors' remuneration report.
The company said: "We undertook an extensive consultation process before proposing the new remuneration policy and hope that shareholders note the positive changes we have made including the introduction of a post-cessation shareholding guideline. Although the policy vote passed, and we received considerable positive feedback during consultation, the board acknowledges a number of shareholders decided to vote against the policy."
Kevin Havelock, the chair of its remuneration committee, will engage with shareholders, Morrison's said.
The company said it will also liaise with shareholders following the vote to re-appoint Richards.
"The board strongly supports Belinda's re-appointment to the board, and throughout her tenure she has demonstrated her commitment to the company and ability to dedicate sufficient time to her duties. The nomination committee carefully monitors all directors external time commitments and would take appropriate action should concerns be identified," the firm explained.
All other motions passed.
Shares in the company closed 1.3% lower at 185.85 pence each in London on Thursday.
By Eric Cunha; [email protected]
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