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Shareholder vote may defeat M&S

Sun, 2010-07-11

Mail on Sunday

Marks & Spencer is this week expected to become the latest company to face a shareholder rebellion over boardroom pay.

Shareholder groups, such as the Association of British Insurers and Pirc have recommended that investors vote at the company's annual meeting on Wednesday against the pay deal - which could see new chief executive Marc Bolland get £15m in his first year.

Two weeks ago, Tesco just avoided being defeated over a £4.3m pay deal for Tim Mason, the boss of the loss-making US division, when 47% of shareholders voted against the remuneration package or abstained.

'You have to ask who is negotiating these deals because it could be argued they are not doing a very good job,' said one City source.

One investor said: 'Investors are unhappy about some of these deals.' But he warned against 'destabilising' Marks & Spencer two months after Bolland's arrival from Morrisons.