The salary of Sir Stuart Rose, executive chairman of Marks & Spencer, fell by 40 percent in 2007-08 despite profits breaking through the £1 billion mark for the first time in a decade.
However, the whip-round can wait, the group's latest report and accounts show Rose, who has been at M&S since May 2004 received £1.375 million, down from £2.3m the year before.
The main reason for the shortfall is that Rose bit the bullet in testing financial times and decided not to take a performance related bonus.
Despite missing out on a bonus this year, he still owns 1,990,041 M&S shares and 984,438 M&S share options under previous long-term incentive schemes. In addition he owns 750,416 M&S shares.
Reports in the national media yesterday suggest M&S shareholders are unhappy about bonuses paid to two more directors, however.
Head of clothing Kate Bostock was awarded a £280,000 bonus, and food chief Steven Esom received a £500,000 golden hello from M&S, on top of their respective basic salaries of £500,000 and £535,000.
Director targets have been lowered for the current financial year, with payouts due if M&S earnings per share grow by more than eight per cent above inflation, compared with a 12 per cent target the previous year.
M&S said the new target is "at least as challenging" in the prevailing economic climate.
