Rebellion over £10m deal for Morrisons chief

MORRISONS has suffered a shareholder revolt after 48pc voted against a bump in its chief executive’s pay.

Investors voted against a policy that would have seen boss David Potts, 60, pocket £10m over the next three years after his longterm share award scheme increased from 240pc of his salary to 300pc. It came after shareholder advisory group ISS urged investors to oppose the pay report, arguing performance targets had been reduced.

It claimed increasing the reward scheme to 300pc of salary was unduly generous.

Potts is credited with leading a turnaround at Morrisons which has reclaimed market share. Chairman Andy Higginson slammed the backlash, saying: ‘We consulted widely with shareholders on the new remuneration policy which received strong support with more than 92pc in favour so we were surprised not to get a higher vote in favour of the directors’ remuneration report.’

Higginson said Potts’s leadership has been key to Morrisons’ improved performance.