M&S in hot water over exec pay
Marks and Spencer is in trouble with its shareholders who are irate at the UK retail giant for dishing out what they believe to be exorbitantly-sized bonuses and astronomical pay. Two companies, the Association of British Insurers and Manifest, both of which have a major claim in M&S, have accused the supermarket chain of abusing its pay scheme, especially inappropriate given the current financial strife seen among UK consumers during the past few years.
According to a representative from Manifest, the whopping £15.1 million awarded to M&S chief executive Mark Bolland for his contributions to the company is above and beyond that which is fiscally acceptable. According to a document viewed by UK site Dailymail, Manifest also challenges the bonuses awarded five years in a row to Mr Bolland under the M&S Share Plan initiative, which started in 2005. Under the plan, exceptional performance monies are given by the Renumeration Committee of M&S to those it deems deserving of financial rewards.
Mr Bolland currently receives an incredible £284,000 each week as part of his employment at M&S, with the potential to earn £36.25 over the next five years.