....Investors are increasingly strident about pay following criticism that they had been soft on boards and had sanctioned the excessive bonuses blamed for the banking crisis. Voting advisers have highlighted investor concerns about pay at other businesses, including Marks and Spencer and BT, the telecoms company.

Manifest, a proxy voting agency, said the vote against Tesco's option scheme was the biggest protest against such share schemes since it started monitoring voting in 1996.

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