Tesco revamps executive pay awards
By Mark Potter |
June 1, 2011, Wednesday
|
Print Edition
Print Edition
TESCO, the world's third-biggest retailer, is scrapping executive share options and cutting the base salary of its CEO as it seeks to end rows with shareholders over how it pays its leaders.
The British group, which saw 47 percent of shareholders either vote against or abstain in a vote over executive pay last July, said yesterday it expected the new executive pay policy would deliver broadly the same level of remuneration as before.
However, it said the policy was simpler and, in the case of the chief executive's package, more focused on performance-related elements rather than fixed payments.
New boss Phil Clarke will receive a base salary of 1.1 million pounds (US$1.8 million), down from the 1.4 million received by his predecessor Terry Leahy, who retired in March.
"We have designed a new structure which is simpler and more collegiate, with clear strategic financial targets, delivering broadly the same levels of remuneration as before but in a better way and more aligned with the interests of our shareholders," chairman David Reid said.
Executive share options will be replaced by performance share awards.
The British group, which saw 47 percent of shareholders either vote against or abstain in a vote over executive pay last July, said yesterday it expected the new executive pay policy would deliver broadly the same level of remuneration as before.
However, it said the policy was simpler and, in the case of the chief executive's package, more focused on performance-related elements rather than fixed payments.
New boss Phil Clarke will receive a base salary of 1.1 million pounds (US$1.8 million), down from the 1.4 million received by his predecessor Terry Leahy, who retired in March.
"We have designed a new structure which is simpler and more collegiate, with clear strategic financial targets, delivering broadly the same levels of remuneration as before but in a better way and more aligned with the interests of our shareholders," chairman David Reid said.
Executive share options will be replaced by performance share awards.
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