Major investors such as Axa and Scottish Widows are endorsing shareholder resolutions that urge retailers Next, Marks & Spencer, and JD Sports to improve wages for thousands of employees. Over 100 individuals and eight institutional investors, responsible for managing assets worth over £1 trillion, are advocating for companies to adopt a “real living wage.” This wage is designed to ensure workers can afford necessary living expenses. The campaign comes as evidence shows nearly a quarter of UK retail workers – approximately 818,000 individuals – earn below the rate set by the Living Wage Foundation, the organization that endorses employers.

The real living wage, currently £13.85 per hour in London and £12.60 in the rest of the UK, is higher than the statutory minimum wage, which is set to increase by 6.7% to £12.21 next month. Leaders of the campaign argue that stores are neglecting their workers and that this is detrimental to the UK economy.

ShareAction, the campaign group leading the effort, has enlisted seven institutional investors, including Axa Investment Managers and Scottish Widows, to co-sponsor a resolution for Next’s annual shareholder meeting in May. The resolution demands a report on how many employees earn below the real living wage and a cost-benefit analysis of adopting the independently verified rate as a new minimum. Similar actions are planned for JD Sports and M&S annual meetings, with backing from Friends Provident Foundation and Scottish Widows, and Cardano Group additionally supporting the resolution at JD Sports. Support for the real living wage is viewed as a way to empower workers and promote workplace equality and economic stability.

Source: https://www.theguardian.com/society/2025/mar/27/major-uk-investors-join-push-for-retail-giants-to-pay-workers-real-living-wage