Marks & Spencer's directors will not receive a bonus this year after the clothing and food retailer reported a second straight fall in annual profit, the retailer has announced.
Last month, M&S reported a 5.4% decline in underlying pretax profit for the 2017-18 year andsaid it had to modernise quickly to survive.
M&S's annual report showed no director was paid a bonus as profit was below the threshold to trigger the corporate element of the scheme, as well as bonus payments elsewhere at the retailer.
"As such, in the interests of fairness, the (Remuneration) Committee decided to exercise its discretion that no payment would be made to any director, irrespective of any achievements against each director's individual objectives," M&S said.
No Salary Increases
Chief executive Steve Rowe received a total of£1.12 million for 2017-18, down from£1.64 million in 2016-17.
M&S said no salary increases have been awarded for the broader leadership team. For Rowe this means no pay rise since his appointment in April 2016.
The retailer, whose shares have fallen 21% over the last year, said overall director remuneration was down 33%.
The stock was down 1.5% at 288 pence at 1304 GMT, valuing the business at £4.68 billion.
News by Reuters, edited by Donna Ahern. Click subscribe to sign up for the Checkout print edition.
