Shareholder advisory group PIRC has advised Tesco investors to vote against the grocery retailer’s remuneration report at its upcoming shareholder meeting.

PIRC yesterday (21 June) described executive combined remuneration as “excessive” and said that salaries are in the “top of the sector”.

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The call comes less than a month after Tesco changed its executive pay policy following an investor backlash last year.

Changes to the remuneration plan included the simplification of the plan, including the removal of share options, reducing the four long-term incentive plans to one, reducing the annual bonus metrics to seven key measures and paying bonuses on group results only, meaning that US boss Tim Mason will not be eligible to participate in the US long-term incentive plan.

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