It’s a quiet morning for retail in the papers but the issue of excessive executive pay in general rumbles on.

Legal & General CEO Nigel Wilson, working with Newton boss Helena Morrissey and Sainsbury’s chairman David Tyler, has completed an interim report on executive pay for the Investment Association. The report found that despite the FTSE trading at roughly the same level it was 18 years ago, executive pay has more than trebled over that time. It added that the current system was not “fit for purpose” and “broken” (The Independent). The business commentary in The Telegraph highlights three rules to put right the wrongs of executive pay. Mining company Anglo American has become the latest FTSE 100 firm to face a protest over boardroom excess, with more than 40% of investors voting against the £3.4m pay of the chief executive Mark Cutifani (The Guardian).

UK retail sales fell last month as shoppers cut back on food and clothes, with retail sales volumes dropping 1.3%, according to The Office for National Statistics (ONS). The Guardian writes it is the latest sign households are nervous about the economic outlook. Sales rose 2.7% in April compared with the same period last year but this was down from 3.8% in the previous month (The Times).

SABMiller updated the City on its final quarter yesterday with news that Africa was its best-performing region both in the quarter and the year as a whole, which is good news for AB InBev. The Financial Times notes that Africa is one of the main factors behind the Budweiser brewer’s thirst for SAB.