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Future of British Business

M&S Investors Revolt Over Pay for Outgoing CEO Steve Rowe

  • About 29% of shareholders votes cast against pay report
  • Tesco, Ocado have both seen investor revolts in recent months
Steve Rowe

Steve Rowe

Photographer: Chris J. Ratcliffe/Bloomberg

Marks & Spencer Group Plc suffered a revolt after a large minority of shareholders objected to a £2.6 million ($3 million) pay package for the outgoing Chief Executive Officer Steve Rowe. 

Investors controlling about 29% of the shares in the UK retail chain voted against the remuneration report, in the latest evidence of shareholders objecting to seemingly excessive management pay as Britain battles a cost-of-living crisis. The vote was non-binding.