Apr 18, 2017

Next slashes Wolfson's pay by half after profits slide

Lord Wolfson's total pay, which includes big bonuses, has been cut from £4.3m to £1.8m, for the 2016-17 financial year. The 55% pay cut was revealed in the Next's annual report released on Tuesday. In the annual report, the head of the remuneration committee, Caroline Goodall, said the executive directors and the chief executive would have to take a pay cut. Companies are coming under increasing pressure from institutional investors to limit executive pay - particularly when profits have disappointed or the share price has underperformed. Earlier this month BP said its chief executive, Bob Dudley, would have his 2016 pay package cut by 40%. His maximum possible earnings over the next three years have also been cut by $3.7m. The oil giant took the decision to stave off a possible shareholder rebellion over ever-increasing pay for its top executives.

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