All quiet on the Sainsbury front
Sainsbury's, Britain's number three grocer, won overwhelming investor backing for its executive pay plan, with the results of a proxy vote showing 98 per cent support at its annual shareholder meeting yesterday.
The poll showed just 2 per cent of shareholders either abstaining or voting against the pay plan, which included a package worth almost 8m for chief executive Justin King.
The country's shareholders have been taking a more robust line on management pay during the economic downturn, although they have rarely forced through any changes.
Earlier this month, some 47 per cent of shareholders in Tesco either voted against or abstained in a vote over executive pay.