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M&S to shake-up executive pay plan

Marks & Spencer is to shake-up its executive pay plan, it is understood.

According to the Financial Times, the new plan is expected to see remuneration linked more closely to the strategic blueprint set out by chief executive Marc Bolland.

The new plan is expected to help build bridges with the City after the retailer ran into hot water previously over corporate governance and pay.

It is also the first plan to be set out by new chairman Robert Swannell.

Earnings per share will be supplemented as the primary determinant of long-term incentive plans with a broader basket of performance measures. They are expected to reflect the long-term growth targets Bolland set out in November.

However, the performance criteria are also expected to reflect the return that is required on the capital being invested in the business.

The move follows Tesco’s shake up of its remuneration plan, outlined last week.

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