1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. J Sainsbury plc
  6. News
  7. Summary
    SBRY   GB00B019KW72

J SAINSBURY PLC

(SBRY)
  Report
Delayed London Stock Exchange  -  11:35 2022-07-05 am EDT
210.60 GBX   +1.06%
11:46aGLOBAL MARKETS LIVE : J Sainsbury, Foxconn, JPMorgan, Comcast, Tesla...
05:03aRisk-off mood clouds London stocks amid risk of recession
RE
04:15aTRANSCRIPT : J Sainsbury plc, Q1 2023 Sales/ Trading Statement Call, Jul 05, 2022
CI
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Glass Lewis backs UK's Sainsbury's on workers pay vote

06/22/2022 | 01:36pm EDT
FILE PHOTO: Branding is seen on a shopping trolley at a branch of the Sainsbury's supermarket in London

LONDON (Reuters) - Proxy adviser Glass Lewis is recommending Sainsbury's investors vote against a resolution at its annual meeting calling for Britain's second-biggest supermarket group to commit to paying the so-called real living wage to all its workers by July 2023.

Glass Lewis said adoption of the proposal from responsible investment group ShareAction "could border on micromanagement by shareholders."

"We believe that with a matter as dynamic and company-specific as the wages paid to employees and contractors, it may not be appropriate to allow shareholders or a third party to dictate those terms," it said.

It also warned the resolution's adoption could "hem the company into a constrained position" if market conditions changed.

ShareAction had co-ordinated the filing of the resolution by an investor coalition that includes Legal & General and Nest.

Sainsbury's annual general meeting is on July 7.

The real living wage was established by the Living Wage Foundation charity and independently calculated by the Resolution Foundation think tank, according to how much workers and their families need to live.

The rates are currently 11.05 pounds ($13.56) per hour in London and 9.90 pounds per hour in the rest of the United Kingdom. That compares with Britain's main government-mandated minimum wage rate of 9.50 pounds per hour.

The Bank of England is watching pay closely as it weighs up the risk that the recent jump in inflation to a 40-year high of 9.1% becomes embedded in the economy.

Sainsbury's has since May been paying real living wage rates to all its directly employed staff but is not doing so for all its third-party contractors, such as cleaners and security guards.

"To effectively balance the needs of our customers, colleagues, suppliers and shareholders we must preserve the right to make independent business decisions which are not determined by a separate body," a spokesperson for Sainsbury's said.

Sainsbury's is recommending shareholders vote against the resolution. The company has a workforce of 189,000, making it one of Britain's biggest private-sector employers.

($1 = 0.8146 pound)

(Reporting by James Davey in London; Editing by Matthew Lewis)


© Reuters 2022
All news about J SAINSBURY PLC
11:46aGLOBAL MARKETS LIVE : J Sainsbury, Foxconn, JPMorgan, Comcast, Tesla...
05:03aRisk-off mood clouds London stocks amid risk of recession
RE
04:15aTRANSCRIPT : J Sainsbury plc, Q1 2023 Sales/ Trading Statement Call, Jul 05, 2022
CI
02:24aSainsbury's quarterly sales drop as UK consumers squeezed
RE
02:19aSainsbury's Maintains FY23 Outlook Despite 5% Decline In Fiscal Q1 Sales In 2022
MT
02:13aSainsbury's reports 4% drop in first-quarter like-for-like sales
RE
02:13aJ SAINSBURY : First Quarter Trading Statement for the 16 weeks to 25 June 2022
PU
02:12aSainsbury's CFO Plans March 2023 Retirement; New CFO Named
MT
06/30J SAINSBURY : Full steam ahead for Sainsbury's in Middleton St George as new store opens o..
PU
06/30MARKETMIND : This is going to hurt
RE
More news
Analyst Recommendations on J SAINSBURY PLC
More recommendations
Financials
Sales 2022 29 887 M 36 203 M 36 203 M
Net income 2022 538 M 651 M 651 M
Net Debt 2022 6 356 M 7 699 M 7 699 M
P/E ratio 2022 8,83x
Yield 2022 5,85%
Capitalization 4 829 M 5 849 M 5 849 M
EV / Sales 2022 0,37x
EV / Sales 2023 0,38x
Nbr of Employees 171 000
Free-Float 98,7%
Chart J SAINSBURY PLC
Duration : Period :
J Sainsbury plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends J SAINSBURY PLC
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 14
Last Close Price 208,40 GBX
Average target price 246,36 GBX
Spread / Average Target 18,2%
EPS Revisions
Managers and Directors
Simon John Roberts Chief Executive Officer & Director
Kevin O'Byrne Chief Financial Officer & Director
Martin A. Scicluna Chairman
Phil Jordan Chief Information Officer
Susan Ilene Rice Senior Independent Director
Sector and Competitors
1st jan.Capi. (M$)
J SAINSBURY PLC-24.44%5 849
SEVEN & I HOLDINGS CO LTD6.98%35 203
AVENUE SUPERMARTS LIMITED-25.17%28 686
SM INVESTMENTS CORPORATION-15.16%17 502
COLES GROUP LIMITED0.28%16 404
ALBERTSONS COMPANIES, INC.-8.71%14 651