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Morrisons CEO and COO commit to reduction in pension levels following shareholder voting at its AGM
StockMarketWire.com
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Supermarket group Morrisons has published an update on actions taken by the board of directors and remuneration committee in respect of two of the resolutions put to shareholders at the 2020 AGM, one of which related to the 'treatment of pension allowance for incumbent executive directors'.
The company said that in addition to the 'comprehensive' shareholder engagement programme undertaken during the development of the directors' remuneration policy, the chair of the remuneration committee has further engaged with shareholders and based on this 'it is understood that the significant factor regarding the vote was the treatment of pension allowance for incumbent executive directors'.
Morrisons said that the majority of shareholders welcome the steps already taken but that some investors had requested 'additional clarity regarding the proposed approach to pensions going forward in terms of alignment with the majority of workforce'.
It announced that to address this, both the chief executive and chief operating officer have voluntarily committed to a reduction in their pension levels to those available to the workforce by the end of 2022, while the chief executive has agreed to increase his shareholding requirement from 250% to 300% of base salary.
Regarding the second of the resolutions, the company said: 'The board also noted that the outcome of the vote for the reappointment of Belinda Richards to the board was primarily driven by the votes from a small number of institutional shareholders who applied a more stringent voting policy on directors' external commitments than is market practice.'
The board had supported Richards' re-appointment but she stepped down, as announced on 6 July 2020, to take up a new role as an independent non-executive director of Jupiter Fund Management.
It said that the nomination committee 'continues to carefully monitor all directors' external time commitments'.
At 2:32pm: (LON:MRW) Morrison Wm Supermarkets PLC share price was 0p at 173.7p
Story provided by StockMarketWire.com
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