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
Photographer: Chris J. Ratcliffe/BloombergThis article is for subscribers only.
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.