David Potts, the chief executive, earned £4.2 million last year and was given £1.4 million of shares even though profits fell by almost two thirdsMore than 70 per cent of Morrisons shareholders have rebelled against a bonus award for the supermarket’s chief executive in one of the biggest revolts on record. Several investor advisory firms including ISS and the Investment Association had recommended that shareholders vote against Morrisons’ remuneration report after taking issue with the supermarket’s decision to strip out the Covid-19 costs when making its directors’ bonus calculations. Shareholders took issue with these “adjustments” and 70.12 per cent voted against the pay resolution. SponsoredMorrisons stripped out £290 million of costs when calculating bonuses for David Potts, chief executive, Trevor Strain, chief operating officer, and Michael Gleeson, chief financial officer. Potts, 63, had waived salary increases for six years but earned £4.2 million last year including an £850,000 cash

Source: The Times June 10, 2021 13:31 UTC