Tesco Shareholders Vote Down Pay Report, After Axing of Ocado from List of Rivals
June 26 2020 - 9:27AM
Dow Jones News
By Jaime Llinares Taboada
Tesco PLC said Friday that a resolution to approve the
directors' remuneration report was rejected by its shareholders,
after the company removed a fast-growing rival from the list of
companies used to measure its success.
The U.K.'s biggest grocer by market share said that the
resolution received 67.29% of votes against at its annual general
meeting.
According to Tesco, a majority of shareholders had concerns with
an adjustment to the companies used as comparators for total
shareholder return. Tesco's board recently removed online grocery
specialist Ocado Group PLC from the list, which had threatened to
drag down Tesco's comparative performance and lower executive
bonuses.
Tesco's remuneration committee said at the time that Ocado had
become less relevant as a competitor as it shifted toward being a
technology company. Tesco will engage with shareholders to
understand their concerns, it said Friday.
All other 25 resolutions were passed with large majorities.
Shares at 1239 GMT were up 2.6 pence, or 1.1%, at 229 pence.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
June 26, 2020 09:12 ET (13:12 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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