Inside Business

City heavyweights tell Sainsbury’s to pay up amid looming AGM row over worker pay

It’s usually CEOs being paid too much that causes problems at these affairs. Not this time. Sainsbury’s should heed the call of the likes of Legal & General, Fidelity and HSBC and pay up, writes James Moore

Monday 28 March 2022 00:01
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<p>The grocer faces a tricky AGM with big shareholders backing a resolution on the voluntary real living wage </p>

The grocer faces a tricky AGM with big shareholders backing a resolution on the voluntary real living wage

When there are rows over pay at corporate AGMs they are almost always caused by companies upsetting shareholders by trying to pay their CEOs too much.

Sainsbury’s looks set to buck that trend. An investor coalition overseeing more than £2.2 trillion has filed a shareholder resolution because it isn’t paying staff enough, at least not enough to qualify for accreditation by the voluntary real living wage scheme.

Submitted under the auspices of ShareAction, a responsible investment NGO which has considerable experience in the sector, the motion calls upon the grocer to seek this, which means paying at least £9.90 an hour nationwide and £11.05 within the M25 to reflect the higher cost of living in the capital.

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