Sainsbury's shareholders voted in favour of the retailer's renumeration report at its annual general meeting yesterday.

Shareholders voted 98.7% in favour of the report, through which CEO Justin King will be offered shares worth 62.5% of his salary, compared with 45% last year.

However, there were a number of complaints from shareholders about executive pay and although chairman Philip Hampton admitted executive pay had been rising significantly more than inflation, he added “it's just a fact of corporate life”.