Marks & Spencer directors must increase earnings per share by 8 per cent next year if they are to receive their bonuses.

The retailer’s annual report reveals that directors – including chief executive Sir Stuart Rose – will need to hit the target to earn a payout of 400 per cent of their salary. For Rose, that equates to£4.5 million.

The target is lower than this year’s 12 per cent objective, which company executives fell short of and, like M&S staff, did not receive a bonus. There are concerns the lower target will provoke controversy among shareholders, who have voiced their anxiety over Rose’s promotion to the dual role of executive chairman and chief executive.

An M&S spokesman said that shareholders largely supported the new targets, which were in line with those of other FTSE 100 companies.

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