Tesco AGM 2015

Paul Emerton, Head of UK Stewardship and Governance, Old Mutual Global Investors
“We are very supportive of the new Tesco management and board in their work to improve the business, but the vote on the pay report is a reflection of the implementation of  old arrangements which clearly failed. The significant pay-offs to the former executives were, inevitably, damaging to Tesco, shareholders and staff.  It also damaged the reputation of business.  This is a disappointing outcome.  A vote against this policy was an opportunity to demonstrate to our clients and to society generally that shareholders will oppose undeserved payments.  In this instance, shareholders failed.”


Our Approach to Responsible Investment and Stewardship: Voting.

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