Sainsbury’s shareholders voted in favour of the firm's remuneration report at the annual agm yesterday, despite complaints from some quarters about executive pay.

Chairman Sir Philip Hampton told shareholders that executive pay has been rising significantly more than inflation, adding: “It's just a fact of corporate life.”

But he denied the company was overpaying its executives, adding that chief executive Justin King had until last year only had pay increases in line with the rate of inflation.

Hampton said that King's pay rise in the last 12 months only takes him to an average figure on the pay scale for such a job.

Corporate governance consultancy PIRC recommended last week that shareholders oppose Sainsbury's remuneration report, while abstaining on King's re-election on concerns about his contract. But shareholders voted 98.7 per cent in favour of the remuneration package.

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