And now backlash is spreading

ASTRAZENECA, Cineworld and Ocado look likely to be caught up in the shareholder spring as the backlash over fat cat pay intensifies.

The companies are due to hold their annual general meetings next week, with Astra first on Tuesday.

The drugs giant has been praised for rolling out a Covid19 vaccine at no profit but it is under fire for a ‘wrong and illjudged’ increase in pay to chief executive Pascal Soriot.

Under a long-term bonus plan, the Frenchman, 61, could soon get up to 650pc of his £1.3m salary, rather than 550pc – taking the maximum payout from £7.2m to £8.5m.

Neville White, of Astra shareholder EdenTree Investment Management, said the package ‘tarnished’ the company’s pandemic achievements.

City stalwart Legal & General, meanwhile, waded into the pay row at Cineworld, saying it would vote against the re-election of board members including chairman Alicja Kornasiewicz because of its concerns.

And advisory group Pirc has branded Ocado boss Tim Steiner’s £7m pay packet ‘excessive and unacceptable’ and urged shareholders to rebel. Fellow adviser Glass Lewis also said executives would receive ‘extremely large payouts’ regardless of performance.