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Retail giant faces investor rebellion over top brass pay

Thu, 2010-07-08

Irish Independent

Investors in Marks & Spencer have been urged by a corporate governance body to oppose the retailer's remuneration report, calling its executive pay "highly excessive".

Pirc, advisor to institutional investors with combined assets of over £1.5 trillion (€1.8tn), said on Tuesday that M&S shareholders should vote against the firm's pay report at its annual meeting on July 14.

It highlighted the potential of the M&S remuneration committee to grant a variable remuneration of 650pc of base salary and the £15m pay package awarded to new chief executive Marc Bolland .

Pirc's statement comes days after the Association of British Insurers issued a so-called "amber top" warning on the report, and the investor group Manifest criticised the pay policies.

M&S's last two AGMs saw investor unrest over Stuart Rose, who held the role of CEO and chairman, against corporate governance guidelines, before Bolland's appointment.

Last Friday, Tesco, the world's No 3 retailer, survived a shareholder rebellion over executive pay, when 47pc of investors either voted against or abstained over remuneration at its annual meeting.