Tesco Survives Executive Pay Policy Revolt- The Guardian

3rd Jul 2010 13:00

LONDON (Dow Jones)--Retail company Tesco PLC (TSCDY, TSCO.LN) encountered the biggest shareholder revolt in 2010, when 47% of shareholders voted against its boardroom compensation policy or abstained, the Guardian in London reported Saturday, citing investors. Nearly one-third of shareholders voted against the pay report, with 15% more abstaining. "The extraordinary opposition vote reflects investor outrage over the excessive pay awarded to Tim Mason, Tesco's second-highest-paid executive, despite the dismal performance of the U.S. Fresh & Easy business he oversees," said Michael Garland of U.S.-based CtW Investment Group, which had urged shareholders to vote against the compensation report, the newspaper added. For more information, go to http://www.guardian.co.uk. -London Bureau, Dow Jones Newswires; +44 (0)20 7842 9269 (END) Dow Jones Newswires July 03, 2010 08:00 ET (12:00 GMT)