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M&S investor revolt looming after pay wrangle

Thu, 2010-07-08

Liverpool Daily Post

HUGE pay packages for new boss Mark Bolland and outgoing chief Sir Stuart Rose are set to spark another investor rebellion at Marks & Spencer’s looming annual meeting.

The firm has had an uncomfortable relationship with major shareholders in recent years, not least over Sir Stuart’s controversial dual role as executive chairman against City best practice.

More than a fifth of those who voted last year failed to back Sir Stuart’s re-election to the board - but, with the succession resolved, pay is now back in the spotlight.

And after the embarrassment of nearly half of shareholders failing to support Tesco’s remuneration report last week, M&S is set to join the grocery giant back in the doghouse.

Sir Stuart agreed in March to a 25% pay cut for his final months with the high street giant but this seems unlikely to stave off a revolt - especially as shareholders endured a dividend cut for the first time since 2000 last year.

Pensions advisory group PIRC is recommending that investors vote against the M&S remuneration report on July 14 because of its "highly excessive" rewards for top brass.

Sir Stuart said earlier this year that to get the best people you have to "pay the market rate" - but the £15 million package agreed for former Morrisons boss Mr Bolland includes £975,000 in basic salary, an annual bonus up to 250% of salary, and an exceptional award worth 400% of salary.