Unilever has frozen the salary of its new chief executive for the next two years after shareholders protested over its executive pay (The Times £).
Hein Schumacher, who succeeded Alan Jope in July on £1.6m a year, will not be eligible for a pay rise in 2024 and 2025, the company behind brands including Marmite and Hellmann’s said (Mail).
It comes after 58% of investors voted against approving the directors’ remuneration report in May, with 42% in favour. A total 68% of shareholders voted on the resolution (Telegraph £).
The Guardian argues in a business editorial that the new Unilever boss is still getting it wrong on Russia. “The Dove and Magnum maker says it wants to make a ‘positive impact’ but pays taxes to a state waging an illegal war in Ukraine.”
Russia has restricted western companies that sell their Russian assets from withdrawing the proceeds in dollars and euros, imposing additional de facto currency controls in an effort to shore up the weakening rouble (Financial Times £).
Food manufacturer Premier Foods has acquired breakfast brand Fuel10K in a deal worth £34m (Mail).
UK shop inflation has eased to its lowest rate in more than a year helped by falling prices of homegrown food, according to data that suggests the hit to households from historically high grocery costs is continuing to abate (Financial Times £).
Food prices inflation has fallen to its lowest point in 15 months, strengthening the case for the Bank of England to leave interest rates unchanged when its policymakers meet on Thursday (The Times £).
Improved optimism about the health of the economy and trading prospects over the typically busy “golden festive quarter” has propelled business confidence to its second highest level this year (The Times £).
The government has warned it will “not hesitate to call out retailers who rip off the public” by not passing on lower wholesale prices to motorists buying fuel at the pumps (The Guardian).
McDonald’s has beaten market estimates for profit and revenue in the third quarter (The Times £).
The Lex column in Financial Times (£) takes a look at the latest quarterly results from McDonald’s and says that clever pricing is helping the fast fodd chain as global revenues increase 14%.
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