Gifts Today magazine

No shareholder revolt at Tesco AGM

Many attendees expected a shareholder revolt against directors’ pay.

It was also assumed that there would be anger over staff pay, customer service, the grocer’s overall strategy and the decision to change its auditors following the £263m accounting scandal.

But a rebellion over the pay of current and former directors did not come to fruition, despite investor group Pensions and Investment Research Consultants (Pirc) urging shareholders to vote against the financial packages proposed for bosses, including new chief executive Dave Lewis.

He is now set for a bonus worth five times his salary if Tescomeets all its targets next year.

Just 10.9% of shareholders voted against Tesco’s directors’ remuneration report, while an even smaller proportion, 3.49%, voted against its directors’ remuneration policy.
Almost every Tesco shareholder, 99.4%, approved Lewis’s election as a director.

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