Mr Coupe, who was caught on camera singing We're In The Money after the tie-up was first announced last year, saw his annual pay rise 7% to £3.9m despite the failure of the transaction and a slump in the supermarket's share price
Another shareholder, former employee Jean Dale, expressed dismay at the plunge in the stock price and questioned whether Sainsbury's was"ripe for a takeover".
Meanwhile shareholder advisory group Glass Lewis expressed concerns about payouts for bosses agreed by the company's remuneration committee following the collapse of the Asda deal. It said:"The committee have failed to outline the impact, if any, of the failed deal on the bonus outcomes of the executives, particularly in the light of share price performance as a direct result."
But chairman Martin Scicluna, who took over in the role in March, said the £13bn merger with Asda would have been a"cracking deal". He also defended Mr Coupe, who he said"knows retail more than anybody in this world" and deserved to be rewarded for delivering an 8% rise in underlying profits.a deepening decline in its first quarter amid what it described as a"tough retail environment".
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