Protest over pay hits Morrisons

Morrisons suffered a minor rebellion from shareholders over executive pay at its annual meeting, following a drop in its annual profits.

Some 12.8 per cent of investors voted against the supermarket chain's remuneration report, while a further 2.4 per cent withheld their votes.

Pre-tax profits fell 8 per cent to £879m over the year to 3 February, which was the first decline since 2005-06.