The chair of Woolworths’ remuneration committee has defended the package paid to the general retailer’s CEO that has been slammed for being too generous in the context of the earnings knock caused by the multibillion-rand impairment of Australian retailer David Jones.

Responding to questions from a shareholder at the group’s annual general meeting on Wednesday, Tom Boardman said that CEO Ian Moir’s guaranteed pay has not been increased for three years and he has not received a bonus in that time.

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