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M&S boss survives anger over pay

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M&S boss survives anger over pay

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The top boss at British clothing and food retailer Marks & Spencer has survived shareholder anger over his sizable pay package.

New chief executive Marc Bolland was criticised by investors for getting the equivalent of almost 18 million euros.

However at M&S’s annual general meeting almost 84 percent of shareholders did vote for the package which the company stressed depended on Bolland meeting performance targets.

The retailers previous two AGMs saw investor rebellions over Stuart Rose, who held the roles of CEO and chairman against corporate governance guidelines, before Bolland’s appointment.

The meeting came just days after Britain’s Tesco, the world’s No. 3 retailer, survived a shareholder rebellion over executive pay.

At its annual meeting 47 percent of Tesco investors either voted against or abstained over remuneration.