Carrefour, the French retail giant, faces fresh pressure from investor activists this morning as Europe's 'shareholder spring' continues, with influential voting adviser ISS the latest to criticise a €1.5m severance payment to former chief executive Lars Olofsson.

US-owned ISS, which advises many fund managers in continental Europe thanks to its 2005 purchase of Deminor Rating, is recommending Carrefour that shareholders vote against the pay arrangements of both Olofsson and the new chief executive, Georges Plassat.