Sainsbury’s boss Coupe slammed for £3.9m bonus

Mike Coupe, CEO of supermarket chain Sainsbury’s, has been criticised by shareholders and MP for his £3.9m bonus.

The bonus follows the company’s failed £50m merger with Asda and is 7% more than he got last year. At the time of the announcement, Coupe faced criticism after he was caught on TV singing ‘We’re in the Money’.

According to a report seen by The Daily Mail, shareholder advisory firm Glass Lewis said: “The [remuneration] committee have failed to outline the impact, if any, of the failed deal on the bonus outcomes of the executives, particularly in light of share price performance as a direct result.”

Siobhain McDonagh MP added Coupe should consider giving up some or all of his bonus.

She said: “Executive bonuses are supposed to be about rewarding success, but what we repeatedly do in corporate Britain is reward failure. Meanwhile, for longstanding shop floor staff with years of service, the same rules do not apply.”

Shareholders will vote on his pay at an AGM on 4 July.

A spokesperson for Sainsbury’s said: “Executive pay at Sainsbury’s is set by the Remuneration Committee and bonuses are subject to stretching targets. The business has hit a number of targets this year, including increasing profit, reducing net debt and increasing the dividend, which is why we have paid a bonus to eligible colleagues across the group.

“The remuneration policy was put to a vote at the 2017 AGM and was approved by 96% of shareholders voting.”