No bonus for Morrisons' directors
Morrisons executive directors received no annual bonus in 2012, because they failed to meet the organisation’s underlying profit before tax growth target.
The supermarket chain’s Annual report 2012, also showed that Dalton Philips, chief executive of WM Morrison, saw his total remuneration cut from £1.78 million in 2011, to £1.09 million in the year to January 2012.
The report also revealed:
- The base salary levels for Philips (£850,000) and Richard Pennycook (£570,000), the organisation’s former finance director who left last month, were unchanged in 2012/13.
- There will be no base salary increases for the employer’s executive directors in 2013/14.
- Clawback provisions will apply to deferred shares and long-term incentive plan (L-tip) awards for the organisation from 2013/14.
- The organisation’s shareholding guidelines have been increased for directors to 200% of salary, following guidance published by the Department for Business, Innovation and Skills (BIS).
Johanna Waterous, chair of the remuneration committee at Morrisons, said: “The committee and I strongly believe that these remuneration outcomes are appropriate given the performance of the organisation, and it demonstrates to shareholders that incentives for executives will only pay out when stretching performance targets have been achieved.”