Morrisons has been rocked by a shareholder revolt over the pay packages of its executive team.

More than a third of investors opposed the grocer’s remuneration policy at its AGM yesterday amid anger over the pension payments given to boss David Potts and chief operating officer Trevor Strain.

The duo receives pension payments worth 24% of their basic salaries, but the majority of shopfloor staff receive 5%.

According to the UK Corporate Governance Code, executive pension contributions should be in line with those offered to the rest of the workforce.

Morrisons insisted it had consulted with its investors, but 34.8% voted against a resolution to approve its pay policy.

The revolt came after the Investment Association and the ISS raised their concerns about the pension payments.

Morrisons said: “Although the policy vote passed, and we received considerable positive feedback during consultation, the board acknowledges a number of shareholders decided to vote against the policy.”

Kevin Havelock, who chairs Morrisons’ remuneration committee, will now hold fresh talks with shareholders over the pension packages.