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Another pay row looming

Pay row looms as M&S reveals Bolland earned £17m

Marc Bolland M&S vidMarks & Spencer is expected to confirm this week that it paid former chief executive Marc Bolland more than £17million during his six years at the helm of the retail chain.

The scale of his pay and bonuses is likely to prompt further outrage among shareholders, employees and the wider public.

It also follows cuts in Sunday overtime pay for shop workers as retailers look to claw back the cost of the new national living wage. M&S has also scrapped its final salary pension scheme.

Mr Bolland, who joined the company in 2010, will continue to be paid £1 million from the company until Christmas despite leaving earlier this year.

Details of his pay package will be published in the annual report.

M&S shares have also struggled as millions have been invested in failed attempts to grow sales of women’s clothing.

Shares are down by more than a third since November – their lowest for three years – and the company revealed last month that bottom line profits for the year to April fell 19.5%, although this was a result of one-off charges.

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