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.
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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.
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