Morrisons: 35pc shareholders oppose executive pay policy

Over a third of investors have voted against Morrison’s pay policy at a shareholders meeting on Thursday.

Almost 35% of the votes cast were against the current pension deals for the chief executive, David Potts, and the chief operating officer, Trevor Strain.

Whilst the UK corporate governance code suggests that pension contributions should be in line across an entire company, shop floor staff at the supermarket receive 5% whilst Potts and Strain’s bank payments are worth 24% of their basic salaries.

“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,” said a spokesperson from Morrisons.

“Kevin Havelock (chair of the remuneration committee), on behalf of the board, will therefore continue to engage with shareholders and will report in due course on the outcome of those discussions.”

The AGM took place virtually to adhere to social distancing rules.

Earlier this week, Potts celebrated his supermarket staff and their efforts during the pandemic.

“All our colleagues have been putting their bodies on the line every day going to meet members of the public. One purpose has galvanised over 100,000 people – to serve people of Britain. We provide the most important thing outside of public health,” he told the Guardian.

Shares in the supermarket (LON: MRW) are trading at 184.45 (1222GMT).

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Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.