Nearly 97% of shareholder votes were made in favour of the retail giant's remuneration report at its annual general meeting in Cardiff, despite claims its pay policy had the potential to be "wholly excessive".
Questions over pay had been raised ahead of the meeting by shareholder body Pirc, in spite of Tesco chief executive Philip Clarke's decision to forgo a £372,000 bonus in the wake of the group's first profits warning in more than 20 years.
But Tesco came under pressure over its US venture Fresh & Easy, which has failed to turn a profit since launching in 2007. Change to Win (CtW) - an investor group that works with US union-sponsored pension funds - has demanded an urgent evaluation of the division.
It wanted a committee of non-executive directors to review the future of Fresh & Easy, although its calls were discounted by Tesco on the basis of a vested interest.
Speaking after the meeting, Michael Zucker of CtW said: "We have seen Tesco pull out of Japan. How much time can they continue to lose money in the US before they have to do the same there? What people want is greater transparency."
Tesco stood by its US business, with Mr Clarke saying Fresh & Easy had posted reduced losses for the first time and that the company was on a "path to sustainability". But one investor said: "Vision is not enough, execution is the key."
Around 200 shareholders turned out to Tesco's AGM, which was held this year in Cardiff's City Hall.
The group was in the spotlight over its pay plans and performance before the AGM, with Pirc claiming that combined pay - including historic awards that vested and were exercised in the year - exceeded 300% of executives' salaries. And while Mr Clarke waived his bonus, the group's annual report revealed he still earned a £1.6 million salary in the last financial year.
But Tesco chairman Sir Richard Broadbent said: "How businesses reward its executives has been a prominent issue. However, our shop floor employees shared a £110 million bonus, this was the same figure as the previous year and recognised their outstanding work during a challenging time."
Copyright (c) Press Association Ltd. 2012, All Rights Reserved.
Source: www.guardian.co.uk
Morrisons MFest to give music fans ‘more reasons’ to rock - Huddersfield Examiner
EIGHTIES and 90s legends will share the stage with current pop stars at a new festival next weekend.
M-Fest, curated by supermarket Morrisons, is set to light up Harewood House near Leeds with an eclectic array of bands.
Top artists for the two-day event include; Bob Geldof, Texas, The Human League, Ali Campbell’s UB40, The Inspiral Carpets, The Levellers, The Farm, Big Country, Beverly Knight, Heaven 17, The Pigeon Detectives, Scouting for Girls and Steps.
The festival, which is set to raise cash for the Bradford supermarket’s charity, Raise a Smile, will also feature one time X Factor stars, Cher Lloyd and Matt Cardle.
Cardle, who scored a Christmas number one, shortly after winning the 2010 series of the show, said he was looking forward to sharing the stage with some of the great artists of the last few decades.
He said: “I feel very lucky and humbled to be playing M-Fest.
“It’s going to be a great festival I just hope we get great weather.
“I’m looking forward to meeting everyone who’s playing and I’m really looking forward to going to Harewood House, the further north you go the better the crowds get.”
Cardle, who recently parted ways with his record label said he couldn’t reveal if he had signed up with a new one, but said his second album was imminent.
He added: “I’ve spent a month in LA writing and recording with some incredible producers over there.
“We’re well underway with the album, we’re very close to having it completed and are just doing the final touches.”
The July 6/7 festival, also features live demonstrations from top chefs, comedians and children’s entertainers.
Tickets: www.themfest.com, ticketline.co.uk, or by calling 0844 888 9991
Source: www.examiner.co.uk
Morrisons and Waitrose claim highest proportion of 'grocery groupies' - Brand Republic
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Morrisons and Waitrose are the supermarkets that boast the largest proportion of "grocery groupies", according to research from media agency Starcom MediaVest Group (SMG). Morrisons: can claim 179,000 grocery groupies according to SMG survey Morrisons ...Source: www.brandrepublic.com
Mixed results on supermarket farmer relations says report - FarmersWeekly
Morrisons and Waitrose have come out top of a study into the corporate social responsibility of the 10 largest supermarkets in the UK carried out by the NFU.
This is the first time a report has looked into how CSR programmes are impacting on British farmers and revealed mixed results across the supermarket sector.
Both Morrisons and Waitrose are committed to 100% UK sourcing in a number of areas and performed very well in the study, while Sainsbury's has promised to double the amount of UK sourcing by 2020 to make a more positive impact on UK agriculture.
Marks & Spencer's Plan A incorporates a number of important elements that benefit UK farmers in terms of investments in research to extend growing seasons and create market opportunities for farmers and growers, said the NFU.
The Asda Farmlink initiative and research and development programme offer some good examples of positive farmer engagement and approaches to sustainability, it said.
Discount supermarkets Lidl and Aldi are starting to put more emphasis on UK sourcing, with Aldi offering 100% British fresh meat, the report found.
"Having good relationships with the UK's grocery retailers is critical to the success of British agriculture and horticulture," said director of corporate affairs Tom Hind.
"Over recent years, many retailers have sought closer relationships with farmers and growers. They have developed standards to meet the expectations of groups of consumers, set up dedicated pools in some sectors and sought to champion UK and local sourcing.
"Nevertheless, there remains broad scope to develop commitments that would help farmers and retailers overcome the significant challenges they faced.
"All of the retailers we looked at could do more to establish clear baselines and targets that can be measured on policies such as sourcing. And all could do more to strengthen relationships with farmers across all sectors."
Source: www.fwi.co.uk
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