Incoming M&S chief executive Marc Bolland is facing objections from investment group the Association of British Insurers (ABI) over his £14.8m pay package.

The ABI have met this week to discuss whether the size of Bolland’s pay deal is appropriate, according to The Telegraph.

One source told the paper “Bolland’s pay was discussed. The ABI is looking into the matter, as are other individual investors. This is certainly not a closed matter.”

Shareholder body Pirc has already said that the package offered to Bolland was a “bad start for the new regime at M&S”.

Bolland has been given a basic pay of £975,000 and a bonus worth up to 250% of his salary. Marks & Spencer chairman Sir Stuart Rose has also defended the £3.9m “golden hello” that Bolland had been given to join the retailer.

M&S had hoped that now it has a chief executive in place criticism from investors would come to an end. It faced several challenges when Rose was appointed as executive chairman while he was still chief executive.