Sainsbury Chairman Defends Senior Executive, CEO Pay Policy

14th Jul 2010 12:15

By Simon Zekaria Of DOW JONES NEWSWIRES LONDON (Dow Jones)--J Sainsbury PLC's (SBRY.LN) Chairman David Tyler Wednesday defended the U.K. supermarket chain's senior executive remuneration policy and the pay awarded to Chief Executive Justin King at the company's annual shareholders meeting. "Our pay is certainly not excessive," Tyler said. On King, Tyler said, "People with talent that have...produced huge increases in profits [must be paid] broadly competitive pay. Justin has done a wonderful job. Shareholders will want us to ensure that we have talented people to make this company successful," he also said. King was paid GBP3.35 million for the fiscal year ending March 20, according the company's annual report. The figure, which includes base salary, benefits, share awards and bonuses, rose from GBP2.05 million a year earlier. Tyler also said the group's operational expansion abroad is "some way ahead. Our biggest opportunity...is right here in the U.K." In May, Sainsury's--the U.K.'s third-largest supermarket retailer by sales and market share behind Tesco PLC (TSCO.LN) and U.S.-based Wal-Mart Stores Inc.'s (WMT) Asda Group Ltd.--more than doubled its fiscal-year net profit to GBP585 million from GBP289 million a year earlier. -By Simon Zekaria, Dow Jones Newswires; +44 207 842-9410; [email protected] (END) Dow Jones Newswires July 14, 2010 07:15 ET (11:15 GMT)