Citywire: M&S set for angry protest over executive pay

8 July 2009

Sarah Wilson

Resolution 8 at today's AGM covers the re-election of Louise Patten, chair of the remuneration committee, who has overseen the unpopular payouts of the performance/retention awards.

'These are clearly retention awards, not exceptional awards and they should have just been honest and said so,' says Manifest's Wilson.

'Just one vote over the 50% would see her removed from the board,' she said.

Although she thinks that is unlikely, she thinks a vote over 10% would be significant and would show just how unhappy shareholders are about pay levels and awards at Marks & Spencer.
By Deborah Hyde | 10:17:04 | 08 July 2009

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