// Sainsbury’s to hold its first public investor meeting since its failed merger with Asda
// Meeting will take place during AGM on Thursday
// Shareholder anger expected as shares fell to 30-year low in May and amid controversy on executive bonuses
Senior executives and board directors at Sainsbury’s are bracing themselves for shareholder anger this week, as the Big 4 retailer hosts its first public investor meeting since its failed merger with Asda.
The grocery giant’s AGM on Thursday will also be the first chance for new chairman Martin Scicluna to explain why he thinks chief executive Mike Coupe remains the best person to lead Sainsbury’s into the future.
Shares at Sainsbury’s fell to a 30-year low in May after the CMA struck down the proposed £12bn merger with Asda.
Scicluna has already said he supports Coupe despite the failed deal, but shareholder advisory groups have expressed concerns over bonuses, especially with the falling share price.
Advisory body Glass Lewis said: “The 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.”
Coupe has been awarded a £3.9 million pay packet this year, including a bonus, but shareholders will need to vote it through on Thursday.
The day before the AGM, Sainsbury’s will update the stock market with its first-quarter results.
Analysts are predicting a fall in sales across all three divisions of food, general merchandise and clothing.