Shareholders revolt over Morrisons’ executive remuneration report, which shows a potential rise in pay for CEO David Potts to £5.3m.
Photo: Darren Gove, Shutterstock.
Andrew Higginson, the chairman of supermarket chain Morrisons, has clashed with shareholders over executive pay.
Yesterday shareholders voted 48.11% against the director's remuneration report. It included details of a change in the pay of CEO David Potts, who is widely credited with turning around the business.
The proposal for the chief executive was to lift a long-term share scheme award to 300% of salary from the current 240%. That would lift his potential pay to a maximum of £5.3m from the £2.8m he received last year.
The lift in pay is based on Morrisons' assessment of what the business is able to achieve.
According to The
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