Marks & Spencer today confirmed bonus payouts across its 65,000 employees.
Good results for the financial year 2002/03 have enabled employees to share in a bonus pool of over £43m. All employees are eligible to participate in the Company Bonus Scheme and payments are based on measurable achievement of challenging financial and business targets. The bonuses awarded to the Board of Directors form about 6% of this total.
Preliminary results announced on 20 May 2003, show that group profit before tax rose by 11.5% and earnings per share by 39.6% over the year.
Marks & Spencer can confirm that Luc Vandevelde, Chairman, has received a bonus of £617,000. Roger Holmes, Chief Executive, has received a bonus of £491,000. These bonuses are based on Luc being Chairman and Chief Executive until September 2002 and Roger becoming Chief Executive in September 2002.
Dame Stella Rimington, Chairman of the Remuneration Committee, said: "Our remuneration strategy reflects the Company's overall philosophy that all employees should be appropriately and competitively rewarded for delivering superior performance. We are pleased that we are able to reward staff across the company on the basis of our strong results."
For further information, please contact:
Sue Sadler Corporate Press Office 020 7268 8642
