At its AGM today, 16.4 per cent of Tesco shareholders voted against a proposed scheme, which would award Leahy bonus shares depending on the success of Tesco's US operations. However, Tesco chairman David Reid said he would continue with plans for the new pay scheme, despite the opposition.
Tesco has unveiled plans to open 100 of its Fresh & Easy Neighborhood Markets in Los Angeles, Las Vegas, San Diego and Phoenix by February next year. The retailer said it would spend US$400 million (£200.3 million) a year on its US operation for the next five years as it expands the chain.
Separately, Tesco is understood to be expanding into the UK property market. Sellers will be able to register their homes on a Tesco web site for a small fee. Customers will then get a Tesco-branded 'for sale' sign to put up outside their house.