Morrisons may face revolt over Dalton Philips’s £3m pay package

Kasmira Jefford
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Philips was forced to step down in February
Morrisons is expected to clash with shareholders this week over the supermarket’s ousted chief executive Dalton Philips £3m pay package.

Philips was forced to step down in February, after failing to halt the decline in sales at the grocer during his five years in charge.

He walked away with a £1.1m payoff, as well as a bonus of £1m, a base salary of £850,000 and a £239,000 pension and benefits pot.

The payout will likely face strong opposition from shareholders at Thursday’s annual general meeting.

Shareholder advisory body Pirc has recommended that shareholders abstain from voting over Morrisons’ pay report, while the Investment Association is said to have issued an Amber alert to its members.

At last year’s AGM, Philips was lambasted by the supermarket’s former chairman Sir Ken Morrison, who described his strategy as “bullshit.”

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