LONDON (ShareCast) - Tesco (LSE: TSCO.L - news) , Britain's biggest retailer, narrowly survived a shareholder revolt over changes
to its share option scheme.
More than 40% of investors voted against the changes, which will extend the period in which leaving or retiring executives can exercise options, at Tesco's annual meeting in Glasgow.
Investor (Stockholm: INVE-B.ST - news) advisor service Riskmetrics had urged shareholders to oppose the plan, saying it was "not in line with best practice recommendations".
Tesco's annual meeting wasn't the first in recent weeks that didn't see the usual back slapping and handshakes all round.
Argos owner Home Retail (LSE: HOME.L - news) suffered a major revolt over a new director remuneration package at its AGM yesterday, with 35.6% of shareholders voting against the deal.
Last month, shareholders gave Shell (LSE: RDSB.L - news) a piece of their mind, with almost 60% voting against the oil giant's executive wage plan, while more than a third opposed this year's pay awards proposed by both rival BP and miner Xstrata (LSE: XTA.L - news) .
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