Marks & Spencer is likely to announce it has made profits of more than £1 billion – last seen a decade ago – when it reports annual results this week. However, the board directors, led by Sir Stuart Rose, will miss their bonus, according to The Sunday Times. Rose received a cash bonus of £1m last year in addition to deferred shares and his basic salary of £975,000. However, this year the bonus will be missed because of tougher financial performance targets that had been set by the company. His 56,000 staff will also be affected. Last year they received a payout equivalent to 10% of their salary. This time it could be less than 4%.
The total bonus pot is expected to shrink from £91m to less than £25m. The reduced payouts will hit staff morale, particularly after the bumper profits produced by the company for the year to March.
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