M&S scraps bonuses for a second year | News

The retailer’s annual report disclosed yesterday that executive bonuses will be scrapped for 2020/21, the pay of chief executive Steve Rowe will be frozen and there will be no income will increase across the rest of the business, since of final year’s overall performance and the affect of the coronavirus pandemic.

“Executive administrators will continue to carry on to be calculated in opposition to a scorecard of unique targets aligned to the strategic priorities established out previously in this report. Even so, no monetary payment will be made in respect of their achievements,” the business explained in its remuneration report.

“The committee debated the appropriateness of this final decision in a time when executives are operating more durable than ever and thinks, in the context of broader macroeconomic components and the expertise of the business with a substantial variety of colleagues placed on furlough, this is the right final decision

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