Shareholders Demand Living Wage Commitment from M&S, JD Sports, and Sainsbury’s
- M&S, JD Sports, and Sainsbury’s face shareholder backlash for not committing to pay all employees and third-party contractors a real living wage
- ShareAction campaign targets multiple retailers including Tesco, Greggs, Next, and Kingfisher
- M&S questioned about paying third-party staff despite earning £700m profit last year
- JD Sports and Sainsbury’s urged to pay all staff and contractors the real living wage at their AGMs
Major retailers such as M&S, JD Sports, and Sainsbury’s are facing criticism from shareholders for not committing to pay all employees and third-party contractors a real living wage. ShareAction, a responsible investment group, is leading the charge against several retailers, including Tesco, Greggs, and Kingfisher owner Next, over their wage policies throughout the year. The organization will question M&S at its AGM on July 2nd about not committing to pay third-party staff like cleaners and security guards a real living wage despite earning £700 million in profit last year. ShareAction will also call for JD Sports and Sainsbury’s at their respective AGMs to ensure all staff and third-party contractors are paid the real living wage. Dan Howard, head of good work at ShareAction, stated that inadequate pay is a widespread issue in the retail sector, leading to high turnover rates and low productivity. He emphasized that paying a real Living Wage benefits businesses by allowing workers to afford basic necessities during the cost-of-living crisis. The group urges companies to become accredited Living Wage Employers, committing to pay all staff and contractors a living wage now and in the future.
Factuality Level: 8
Factuality Justification: The article provides accurate information about the companies facing shareholder backlash for not committing to pay all their employees and third-party contractors a real living wage, and includes quotes from ShareAction’s head of good work Dan Howard. It also mentions the upcoming AGMs where ShareAction will call for these companies to ensure their staff and third-party contractors are paid the real living wage. However, it contains some promotional language at the end encouraging readers to sign up for Retail Gazette’s newsletter.
Noise Level: 3
Noise Justification: The article provides relevant information about retailers facing shareholder backlash for not committing to pay all employees and third-party contractors a real living wage, and highlights the issue of inadequate pay in the retail sector. It also mentions the actions taken by ShareAction to address this issue at various companies’ AGMs. The article stays on topic and supports its claims with specific examples. However, it could provide more evidence or data to support the negative consequences of low wages on businesses and workers.
Financial Relevance: Yes
Financial Markets Impacted: The financial markets may be impacted by potential changes in corporate policies regarding employee wages and contractor payments.
Financial Rating Justification: This article discusses the financial performance of several retail companies and their wage policies, which could affect their reputation and potentially lead to changes in investor sentiment or consumer behavior. The campaign’s demands for higher wages may also impact the companies’ costs and overall profitability, thus affecting their stock prices and market value.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text.
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