Major institutional investors, including Axa and Scottish Widows, are backing shareholder resolutions urging retailers, including Marks & Spencer, to commit to paying staff a “real living wage.”

The campaign, led by responsible investment group ShareAction, has gained support from more than 100 individuals and eight institutional investors managing over £1tn in assets.

According to The Guardian, it aims to push retailers to ensure their employees earn a minimum of £12.60 an hour outside London and £13.85 in the capital.

Almost a quarter of UK retail workers—818,000 people—are currently paid below the rate set by the Living Wage Foundation, which accredits businesses that meet the standard.

Seven institutional investors, including Axa Investment Managers, Scottish Widows, Trust for London, the Greater Manchester Pension Fund, and Cardano Group, have co-filed a resolution at Next’s annual shareholder meeting on 15 May.

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The proposal calls for Next to disclose how many of its workers and contractors are paid below the real living wage and conduct a cost-benefit analysis of adopting it as a minimum pay rate.

A similar resolution is being proposed at M&S’ annual meeting in July, with Friends Provident Foundation and Scottish Widows supporting the motion.

ShareAction CEO Catherine Howarth said: “The UK’s biggest retailers are failing to support their workers with a real living wage, leaving hundreds of thousands of people in the sector struggling to make ends meet.”

M&S already pays the real living wage to direct employees but does not guarantee it for third-party contractors such as security and cleaning staff. The retailer told The Guardian: “We strongly believe that our third-party contractors should also pay their employees fairly. We welcome open dialogue with all of our shareholders, including engagement with ShareAction.”