Morrisons AGM backs deal

Published on Wednesday 8 June 2011 22:50

Supermarket operator Morrisons avoided a revolt over the pay package awarded to its finance director yesterday after the deal was voted through by shareholders.

Richard Pennycook was offered a pay deal which could see him receive shares worth up to 230 per cent of his base salary if certain criteria are met.

The Association of British Insurers, which represents City investors, and corporate governance advisory firm Pirc flagged up the deal to shareholders ahead of the annual meeting. But 93 per cent of shareholder votes - cast by those who did not attend the meeting - waved the deal through.