Marks & Spencer fends off shareholder rebellion
Retail giant Marks & Spencer fended off a shareholder rebellion at its annual meeting today despite being taken to task over executive pay packages.
Around 16% of votes failed to back its boardroom remuneration plans amid concern over a £15 million deal offered to incoming chief executive Marc Bolland.
But M&S and its outgoing boss Sir Stuart Rose led a robust defence of the firm's pay proposals and the firm won support from the majority of voters, with around 84% of total votes made in favour of the plans.
Fellow retailer Sainsbury's was also in the firing line over executive pay as it too held its annual general meeting (AGM).
The supermarket received a barrage of criticism, although its pay report was likewise given the green light.
Company pay proposals are top of the agenda this week, with a raft of firms holding annual general meetings.
Fashion group Burberry and property firm British Land are also set to face down shareholders over the issue of pay for top bosses.
In addressing his last AGM as chairman, Sir Stuart told its army of investors he had been "immensely proud" to have served at the top for six years.
Praised by the board for his "remarkable" leadership, Sir Stuart said he was pleased to be handing over the company to good hands.
However, investors hit out at Mr Bolland's pay and the bonuses received by Sir Stuart and the executive team.
The £15 million package for Mr Bolland had already raised the ire of pension advisory group PIRC, which recommended a vote against its remuneration report today.
And shareholders at the AGM vented their anger.
Investor Fred Fusco of Sudbury Town, Wembley, said ahead of the meeting that he believed Mr Bolland's pay and bonuses were "excessive".
He added: "Executive pay is always a hot topic every year and usually I think that the levels are fair enough, but in Mr Bolland's case, it is excessive and questionable."
Another shareholder told the packed AGM the group should justify its boardroom salary and bonus levels.
But Sir Stuart said a substantial amount of Mr Bolland's pay was dependent on strict shareholder performance targets.
"The bulk of Marc's remuneration is 'at risk' and if the company does well, Marc does well. I'm satisfied the two are aligned," he added.
- 1 Reyhaneh Jabbari: Iran due to execute woman for murder of her alleged attempted rapist
- 2 Sainsbury's '50p challenge' poster telling staff to encourage customers to spend more placed in shop window instead of staff room
- 3 Expert urges cat lovers to own just one animal each
- 4 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 5 The Simpsons death: Creator Al Jean would 'kill himself' before character like Homer or Lisa
Expert urges cat lovers to own just one animal each
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
British man raped while urinating in bushes at Oktoberfest beer festival in Germany
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
'Women, walk wherever you want' posters taken down in Stamford Hill following 'unacceptable' signs separating men and women
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...