Marks and Spencer Group PLC (LSE:MKS) said 29% of its shareholders voted against ex-chief executive Steve Rowe’s pay packet in a vote at its AGM.
Spme 70.89% of shareholder voted in favour with another substantial group of investors withholding their vote.
“The board strongly believes that it has acted in shareholders' interests and consistent with the values and integrity of the business in relation to Steve Rowe's remuneration,” the retailer said in a statement.
The controversy relates mainly to his £1.6mln bonus, made after eligible staff secured a bonus for the first time since 2017, which was more than his annual wage.
Rowe spent the last six years of his 37 year tenure at M&S at the company’s helm.
“It would have been wholly wrong to exclude Steve from this as the performance was delivered under his leadership,” the retailer stated, adding that Rowe stayed with the company until after the end of the financial year.
M&S said it would engage shareholders after the vote in a bid to understand their concerns.
M&S shares were down 0.98% today.