No bonus for Morrisons chief

MORRISONS directors have been refused bonuses, share awards and a salary increase following the retailer’s fall in sales and profits last year.

Chief executive Dalton Philips’ pay fell by almost 40% in the year to January, according to the group’s annual report.

His salary was frozen at £850,000 and other benefits took this to £1.09m, compared to £1.78m a year earlier.

The Bradford-based grocer announced its first fall in profits for six years with pre-tax profits down 7% to £879m and like-for-like sales down 2.1% in the year to February 3.

Johanna Waterous, chairman of Morrisons’ remuneration committee, said: “The remuneration committee and I strongly believe that these remuneration outcomes are appropriate given the performance of the business, and it demonstrates to shareholders that incentives for executives will only pay out when stretching performance targets have been achieved.”