Marks and Spencer directors will not receive their bonuses this financial year because of the retailer’s weak results. M&S boss Steve Rowe also saw his pay packet fall by a third last year.
“It was decided that the committee would exercise its discretion such that there would not be any bonus payment to any directors as a result of this overall level of business performance, irrespective of any performance against individual objectives,” M&S said in its annual report.
“This decision was made following careful and thorough consideration of several factors, including the broader expected and actual financial performance of the company together with the fairness of, and likely impact on colleague morale, where no bonuses would be awarded elsewhere.”
Last month the clothing and food retailer had announced plans to shut 100 stores by 2022.