UK - Pension funds have welcomed Tesco's promise to look at current directors' contracts.
The supermarket’s remuneration report was passed with just 59% of shareholders’ votes at the company’s annual general meeting last week – one of the highest dissenting votes this year.
Local Authority Pension Fund Forum deputy chairman John Saunders said that while the company’s undertaking falls short of a commitment to reduce the contracts, a commitment to review them is a step in the right direction.
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The £30bn local government pension pool has appointed Quoniam and Robeco to manage an active equity portfolio worth around £400m.