Tesco investors vote down directors’ pay report

LONDON (Reuters) – Tesco , Britain’s largest retailer, on Friday became the latest big company to be hit by investor anger over executive pay after shareholders at its annual meeting voted down its remuneration report.

The supermarket group said 67.3% of votes cast at its annual general meeting (AGM) were against the resolution to approve the pay report, while 32.7% were in favour.

Ahead of the meeting several investor advisory groups had recommended shareholders vote against the report, highlighting that the exclusion of online grocer Ocado from the benchmarking had inflated one of outgoing Chief Executive Dave Lewis’ bonuses by 1.6 million pounds ($1.98 million) to 2.4 million pounds.

In total Lewis received a pay package of 6.4 million pounds for 2019-20.

($1 = 0.8068 pounds)

(Reporting by James Davey, editing by William James)