Morrisons life president Sir Ken Morrison has called for patience with the new management’s efforts to turn around the beleaguered company as shareholders at the agm protested about the remuneration policy.

Morrison, who launched a tirade against former CEO Dalton Philips at last year’s meeting, said he was assured by the stated aim of chairman Andrew Higginson and CEO David Potts to restore the company to its “glory days”. “It’s a big job to restore the company’s fortunes. Please be patient and allow the new management some breathing space,” he said, adding that more retailers on the board would benefit the company and suggesting a number of former staff could be of help.

There was a significant shareholder revolt over Morrisons’ remuneration report, with 36.6% voting against a policy that included a £1m bonus payment to Philips, who presided over a collapse in sales and profits during his time in charge.

Higginson defended the report and said the bonuses for directors were “deserved” after the group hit targets made on profits, cashflow and dividend payments. “Given the turmoil in the market, hitting any of those targets is to the management’s credit,” he added.

Termination pay to Philips was also honoured as part of the minimum contractual obligation stemming from the standard 12-months non-compete clause designed to retain top talent.

Johanna Waterous, chair of the remuneration committee, also faced a revolt from some investors as 7.25% voted against her reelection to the board - the largest protest facing any director.

Finance director Trevor Strain also defended criticism from one shareholder about the investment made in Fresh Direct. He said Morrisons would exit the company but was not prepared to “fire sale it”.

“We will get the right value at the right time for disposing of that asset. When the majority shareholder exits we will be able to exit.”

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