Retail news round-up on July 3, 2014:M&S and Sainsbury’s face investor revolt over pay policies in boardroom, Mothercare recalls two sizes of luxury cot mattresses
M&S and Sainsbury’s face investor revolt over pay policies in boardroom
Sainsbury’s and Marks & Spencer have become the latest retail giants to feel the ire of a shareholder advisory group over their boardroom pay policies, The Times reported. Investors in both businesses have been urged by Pirc, whose recommendations are closely followed by local authority pension funds, to vote against their respective forward-looking pay policies at the retailers’ AGM’s this month.
Regarding M&S, Pirc said that the maximum awards available to bosses under its short and long-term incentive schemes, which are as much as 500% of base salary, were “considered potentially excessive”. Pirc’s objections to Sainsbury’s policy were similar.
Mothercare recalls two sizes of luxury cot mattresses
High street baby products giant Mothercare is recalling two types of luxury cot mattresses worth £140 over concerns they do not have the right fireproofing, Daily Mail reported. The recall affects two sizes of the firm’s Luxury Pocket Sprung Mattress which were sold between June 5 and June 23 of this year.
It emerged yesterday that Mothercare rejected to bids for the business from US counterpart Destination Maternity.