Glencore is facing the threat of investor dissent after an influential proxy adviser urged shareholders to reject new chief executive Gary Nagle’s incentive scheme and abstain from a climate change resolution. Glass Lewis called on investors to oppose the miner and commodity trader’s pay policy and its plans to introduce a restricted share plan, a type of long-term scheme that pays out a set amount of shares, at the group’s annual meeting this month. In a report for clients it cited reservations “regarding the maximum opportunity available under the plan when considered in the context of the newly appointed CEO’s base salary level and annual bonus opportunity” as the reason for its recommendation.
British Land is buying up retail parks and warehouses in a bet that the online shopping boom stoked by coronavirus will continue, as the company diversifies away from shopping centres and older offices. The FTSE 100 company has sold off £1.2bn worth of offices, supermarkets and shopping centres over the past year, equivalent to more than 10 per cent of its portfolio. Under new boss Simon Carter, British Land is reinvesting that cash in areas it has singled out as post-pandemic winners: urban logistics, out-of-town retail parks and high-spec London offices.
Asda will stop baking bread and croissants from scratch in stores, putting 1,200 jobs at risk. The supermarket is the latest chain to overhaul its bakeries after a similar move from Tesco last year. While none of its 341 counters will close, the chain plans to reduce the amount of baking on site. Asda blamed the move on the rise of wraps, artisan breads and bagels as shoppers shun traditional loaves of bread. Making products at centralised hubs will allow it to sell a broader range of freshly baked goods throughout the day, the company said. The news comes as its new owners, the billionaire Issa brothers, prepare to put their stamp on Britain’s number three supermarket. The competition watchdog has set an April 20 deadline for a preliminary decision on its £6.8bn deal to buy the chain. The pair are merging Asda’s petrol stations with their forecourt empire in a £750m deal as part of their takeover of the supermarket. Asda said it hopes to transfer as many staff as possible to other stores. Derek Lawlor, Asda’s chief merchandising officer, said: “The current model has restricted our ability to respond to changing customer demands and offer them the speciality products and freshly baked goods they want to buy throughout the day.” Only in February, the retailer announced a major restructuring. It warned it could axe up to 5,000 staff as part of a drive to simplify the management structure in stores and bolster its online offering. Bosses were also seeking to hire 4,500 staff to pick internet orders.