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M&S investors urged to reject pay report

Tue, 2010-07-06

Reuters

(Reuters) - Investors in Marks & Spencer have been urged to oppose the retailer's remuneration report by a governance body, which considers its executive pay to be "highly excessive."

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

It highlighted the potential of the M&S remuneration committee to grant a variable remuneration of 650 percent of base salary and the 15 million pounds pay package awarded to new chief executive Marc Bolland to lure him from grocer Wm Morrison Supermarkets.

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

M&S' previous two AGMs saw investor rebellions over Stuart Rose, who held the roles 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 47 percent of investors either voted against or abstained over remuneration at its annual meeting.

M&S is scheduled to update on first-quarter trading on Wednesday.

Shares in the retailer were up 3.2 percent at 352.8 pence at 4:03 p.m.