M&S cuts targets for bonus payout

M&S cuts targets for bonus payout

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Marks & Spencer directors will need to boost earnings per share by 8% to get their full bonus next year, according to the retailer's annual report published today.

Reaching the target would see chief executive Sir Stuart Rose get a payout of four times his salary, around £4.5 million.

However, earnings per share would have to reach around 43.6p, and most analysts are forecasting a figure of around 40p.

The target has been cut from this year's missed target of 12%, which saw the company bonus vastly reduced. 

Marks & Spencer said that the reduction in the profits target reflected the more difficult trading climate anticipated across the high street.