TSCDY Tesco PLC (PK)

By Jaime Llinares Taboada

Tesco PLC said Friday that a resolution to approve the directors' remuneration report was rejected by its shareholders, after the company removed a fast-growing rival from the list of companies used to measure its success.

The U.K.'s biggest grocer by market share said that the resolution received 67.29% of votes against at its annual general meeting.

According to Tesco, a majority of shareholders had concerns with an adjustment to the companies used as comparators for total shareholder return. Tesco's board recently removed online grocery specialist Ocado Group PLC from the list, which had threatened to drag down Tesco's comparative performance and lower executive bonuses.

Tesco's remuneration committee said at the time that Ocado had become less relevant as a competitor as it shifted toward being a technology company. Tesco will engage with shareholders to understand their concerns, it said Friday.

All other 25 resolutions were passed with large majorities.

Shares at 1239 GMT were up 2.6 pence, or 1.1%, at 229 pence.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

June 26, 2020 09:12 ET (13:12 GMT)

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