Marks & Spencer boss Stuart Rose and the group’s marketing chief today offered to forgo a third of their long-term bonus awards after pressure from shareholder groups.
Rose and Steven Sharp are to waive entitlement to nearly 400,000 and 200,000 shares respectively under the performance-related three-year bonus plan after facing an “unexpected reaction”, according to M&S.
The move will see Rose’s potential award drop from 1.18 million shares to 789,933 – from four times salary – around £4.5m (€5.3m) – to three times salary.
But the deal will still offer the group’s executive chairman a possible £3.4m (€4m) of shares if all the targets are met.
Rose said the decision followed “feedback” from shareholder representative bodies after the awards were announced on June 11.
“I am committed to ensuring that Marks & Spencer engages in full and constructive dialogue with our shareholders,” he added.