M&S boss to forgo part of bonus

Sir Stuart made the decision after feedback from shareholders

Marks and Spencer executive chairman Sir Stuart Rose has offered to waive a slice of his long-term bonus award.

Sir Stuart and M&S marketing director Steve Sharp have both decided to forgo a third of their entitlement to shares.

Sir Stuart is waiving almost 395,000 shares, which at the current share price of 294 pence, is worth £1.16m. He was initially awarded 1.18m shares.

M&S is currently closing stores and cutting jobs as it strives to boost profits in the downturn.

Steve Sharp is waiving 197,484 shares of the 592,450 he was entitled to.

The shares were awarded on 11 June under a performance-related three-year bonus plan, but M&S said it had faced an "unexpected" shareholder reaction.

"I am committed to ensuring that Marks & Spencer engages in full and constructive dialogue with our shareholders," Sir Stuart said.

He had previously said that he would not take a pay rise this year.

In May, M&S reported annual pre-tax profits of £706m, down from £1.1bn the year before.

In January, the retailer announced plans to cut 1,200 jobs and to close 27 stores in a move to restructure its business.

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