- June 11, 2021
- Posted by: Stratford Team
- Category: Business
Morrisons shareholders have voted overwhelmingly against the award of millions of pounds in bonuses to executives who missed profit targets during the pandemic, in one of the biggest shareholder rebellions of recent years.
The vote is not binding so the chief executive, David Potts, and his two most senior managers will still be able to receive the £9m in pay and bonuses they were awarded, despite a year in which the company fell out of the FTSE 100 and profits halved because of extra pandemic costs.
Morrisons’ remuneration committee, chaired by Kevin Havelock, decided to use its “discretion” and adjust its bonus calculations to ignore Covid-19 costs of £290m.
Potts can collect his full £1.7m bonus, bringing his total pay packet to £4.2m, a 5% increase compared with the year before. The chief operating officer, Trevor Strain, was awarded total pay of £3.2m – including an annual bonus of £1.3m – up 9% year-on-year, while the…