UK supermarket group J Sainsbury could face a massive shareholder revolt at its annual meeting next month unless it agrees to end a controversial executive pay scheme, according to a newspaper report.

Shareholders are not happy that chairman Sir Peter Davis received an award of around £2.4m (US$4.3m) worth of shares last year, and are demanding that he either returns part of the bonus or gives it to charity, reported the Financial Times.

Several UK shareholder groups are set to recommend tomorrow that members abstain or vote against the remuneration report at Sainsbury’s annual meeting on 12 July.

Many investors say the performance targets for the bonus were too easy to achieve, and have voiced concern that Davis was awarded 86% of the maximum shares allowed despite a poor performance by the supermarket group, the newspaper reported.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.