tesco unveils overhaul of executive pay
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Tesco unveils overhaul of executive pay

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Tesco unveils overhaul of executive pay

LONDON - Arabstoday

Tesco unveiled an overhaul of executive pay today after nearly 40% of its shareholders voted against the supermarket giant at its AGM last year. Under the new scheme, chief executive Philip Clarke could still pick up nearly £7 million in pay and bonuses this year if the company meets all of its targets, but a separate scheme for US boss Tim Mason has been scrapped. Mr Mason's pay was the subject of criticism at last year's annual meeting, especially from US institutional investors who complained it was excessive given the big losses Tesco's US start-up Fresh & Easy chain is racking up. Tesco said it is taking a new approach this year after an extensive review and consultation with shareholders. The plans, revealed in its latest annual report, will see Tesco's current four long-term incentive plans merged into one single plan with bonuses paid out if targets are met on earnings per share and return on capital employed. There will also be an annual short-term bonus based on six measures which include reducing carbon emissions, employee engagement and new space expansion. Under the scheme, Mr Clarke, who started his job in March, can earn an annual long-term bonus of up to 275% of his £1.1 million salary and a further 250% through a short-term bonus. Other executive directors get slightly less in percentage terms under each plan, though Tesco said in exceptional situations it may increase the long-term payout to 350% of salary. The firm said the new methodology will encourage a focus of "profitably growing the business in an efficient way". Outgoing chairman David Reid said: "We have designed a new structure which is simpler and more collegiate, with clear financial targets." Tesco has also increased the number of shares directors must own in Tesco to four times salary for the chief executive and three times for other executives. At present, directors have to hold just the equivalent of one year's salary in Tesco shares. The annual report revealed that former chief executive Sir Terry Leahy received £4.2 million in the year to February, down from £5.2 million the previous year. This included a cash and share bonus of about £2.7 million and base salary of £1.4 million.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

tesco unveils overhaul of executive pay tesco unveils overhaul of executive pay

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

tesco unveils overhaul of executive pay tesco unveils overhaul of executive pay

 



GMT 09:54 2018 Wednesday ,24 January

'Friendly and kind' N. Korean skaters

GMT 09:36 2017 Thursday ,07 December

Heidy Karam’s contract to present talk show close

GMT 10:50 2012 Friday ,20 January

Dusty weather expected in UAE on Friday

GMT 09:35 2018 Saturday ,13 January

New Zealand bat first in third ODI against Pakistan

GMT 10:48 2017 Saturday ,23 December

Meryl Streep's brand under threat

GMT 06:53 2017 Thursday ,11 May

17th Doha Forum To Begin Sunday

GMT 10:30 2017 Thursday ,23 November

Reports underline proliferation of weapons in Arab world

GMT 07:46 2017 Monday ,30 October

Catch it early, treat it early and move on

GMT 08:05 2015 Tuesday ,17 February

Conan O'Brien is first late night host to film in Cuba

GMT 16:17 2018 Thursday ,30 August

Five Saudi women pilots granted GACA licences
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice