LONDON, July 2 A leading advisor to
institutional investors has said it backs 'oppose' votes on pay
and other issues at leading UK retailers Sports Direct,
Marks & Spencer and J Sainsbury.
Pensions and Investment Research Consultants (PIRC), which
advises investors with more than 1.5 trillion pounds in
investments, is just the latest group to oppose a planned share
bonus scheme at Sports Direct.
PIRC said while there were some positive elements of the
planned scheme, it was concerned that the failure to include an
individual limit on the scale of the potential award under the
scheme could lead to it being excessive.
At Marks & Spencer, PIRC said it backed an 'oppose' vote on
the company's executive pay plans. Among its reasons were that
the long-term incentive plans put forward by the company were
not sufficiently long-term in nature.
It also called for an 'oppose' vote at food retailer
Sainsbury as, among other reasons, it considered the maximum
potential payout to the company's chief executive to be
"The ratio of CEO pay compared to average employee pay is
considered particularly high has been estimated by PIRC at
approximately 136:1," it said in a statement.
(Reporting by Simon Jessop; editing by Steve Slater)