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Tesco survives protest vote over share option plan
Tesco narrowly survived a big investor protest over changes to its management share option plan and more comfortably saw off complaints it should do more to help migrant workers.
Shareholders at the supermarket group's annual general meeting yesterday voted 55 per cent in favour of Tesco's plan to extend the period during which leaving or retiring executives can exercise their share options. Around 41 per cent voted against, while four per cent withheld their votes.
The protest is the latest sign that investors are prepared to voice their displeasure publicly against company boards – something they have been reluctant to do in the past – particularly over pay.
On Thursday, some 36 per cent of Home Retail shareholders at the company's annual general meeting voted against the retailer's executive bonus scheme, with a further 7 per cent abstaining.
Tesco more comfortably saw off a rebel resolution from Unite, Britain's biggest trade union, which was defeated 89 per cent of the votes to 11 per cent.
The resolution, supported by protesters wearing yellow chicken suits and waving placards outside the meeting, called on the company to do more to ensure the fair treatment of migrant workers at meat suppliers. Earlier this week, Tesco came under fire from another union group, the UNI Tesco Global Union Alliance, which attacked it over its treatment of workers in Thailand, South Korea and the United States.
Tesco described the UNI's allegations as "a travesty" and "untrue" and the Usdaw union, which represents many of Tesco's staff in Britain, said they were not things it recognised in its dealings with the firm.
n Telecoms firm BT was under scrutiny over lucrative executive pay packages yesterday after concerns from leading shareholder bodies.
The Association of British Insurers (ABI) has slapped an "amber top" rating on the company ahead of its annual meeting, while consultant PIRC has branded the rewards on offer "potentially excess- ive".
Under the package chief executive Ian Livingston could land an annual bonus of up to double his 802,000 salary, a deferred share bonus worth the same amount and incentive shares worth three times his basic pay.
But BT has posted its first loss for eight years and slashed its dividend after billions in writedowns at its troubled Global Services division, which carries out IT networking for clients such as the NHS.
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Friday 25 May 2012
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