Morrisons hit by huge wage revolt Business

Morrisons said, “In the committee’s opinion, Morrisons performed exceptionally well for the nation in the first year of Covid, with leaders widely recognized for their leadership, clarity, decision-making, compassion and speed of decision-making and execution.

“In these circumstances, the Compensation Committee felt that it was appropriate to apply some discretion to executive compensation.

“The committee sincerely regrets that it has clearly not been able to convince a majority of shareholders – or proxy voting agencies – that this was the right course of action.

“The committee looks forward to reconnecting with shareholders, listening to their views and once again justifying the reasons why discretion has been used in a truly exceptional year which has produced a truly exceptional performance from from management. “

Morrisons last month said sales continued to grow in the last quarter as pandemic restrictions kept grocery sales strong.

Like-for-like sales in the 14 weeks leading up to May 9 increased 2.7% excluding fuel.

Investor outrage comes a year after more than a third of investors voted against its compensation policy for 2019-2020, amid concerns over the generous retirement deals of Mr Potts and the director of the operating Trevor Strain.

Stocks fell 0.4 pc in afternoon trading.

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This notice was published: 2021-06-10 13:31:52

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