In 2014, Morrisons annual report revealed that former CEO Dalton Philips received a remuneration of £2.1m, including a basic salary of £850,000 and an annual bonus of £1.01m.Fund managers are still angry that Philips received a £1m bonus, equating to 60 per cent of the maximum possible payout, despite the poor performance of the business. Investors are expected to protest at the company’s annual meeting due to the £3m payoff awarded to Philips, said CEO David Potts. According to the Sunday Times, the Investment Management Association (IMA) issued an “amber alert“, while corporate governance advisory consultancy Pirc expressed “concern” over the deal. US company Institutional Shareholder Services (ISS), is among the companies to have advised investors to oppose the remuneration report. Read more about supermarkets and grocery stores:
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- Major high-street supermarket share prices suffer after Morrisons’ price war
- What lies ahead for the grocery sector?
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