Supermarket chain Morrisons faces an investor revolt over a £3million payout to its ousted chief executive Dalton Philips.
The Investment Management Association is reported to have issued an "amber" alert on Morrisons ahead of the annual meeting on Thursday, while governance watchdog Pirc has advised members to abstain in the vote on pay. Mr Philips doubled his pay to £2.1m last year despite a slump in sales and profits and walked away with a £1.1m pay-off in January when he quit after five years of struggle for the group. Meanwhile activist investors are likely to embarrass the board with demands from campaigners for the adoption of a Living Wage for the group's 120.000 store staff.
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