Tesco has been slammed for persisting with two-year contracts for its eight executive board directors, according to a report in today's Times.
Sir Terry Leahy, the chief executive and seven fellow executives are each entitled to two years' notice and the supermarket has no plans to change their contracts.
A Tesco spokesman said: 'The contracts were negotiated in good faith and we need to honour them.' The National Association of Pension Funds is believed to have told members to abstain from voting on the re-election of three of Tesco's directors. The advisory document was sent to the supermarket on Thursday and will be made public next week