Retail supremos Marks & Spencer boss Marc Bolland and Sainsbury’s chief executive Justin King both took bonus cuts in the last financial year as executive pay in the sector comes under scrutiny.
Bolland’s remuneration package plunged from £4.38m to £1.68m in its year to March 31, although last year’s payout included a £2.6m “golden hello” following his appointment from Morrisons.
The M&S boss’ bonus dipped from £409,000 last year to £332,000. The retailer altered its bonus plan last year capping the maximum payout to 200% of Bolland’s annual salary, rather than 250%.
Marks and Spencer’s group underlying pre-tax profit dipped 1.2% to £705.9m over the year.
Meanwhile, Sainsbury’s chief executive Justin King’s pay decreased by £333,000 in its year to March 17, 2012.
King was paid £3.37m over the year. His base salary rose by 2% to £920,000 but his annual bonus dipped by £6,000 to £514,000. Payments from his long term incentive plan and deferred share awards decreased.
Sainsbury’s underlying pre-tax profit jumped 7.1% to £712m over the year.
The drop in bonuses comes after Tesco boss Philip Clarke decided to waive his, following a dip in the grocer’s UK performance.
Argos-owner Home Retail’s investors are expected to voice their anger following the award to chief executive Terry Duddy’s of a hefty bonus. Duddy received a £217,000 bonus in the year to March 3, when the retail group’s pre-tax profits plunged 60% and its final dividend was scrapped
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