Marks & Spencer executive chairman Sir Stuart Rose landed a 28 per cent pay increase last year, despite top-level staff being stricken of bonuses and a slump in profits.
Rose earned £1.76 million in the year to March, up from £1.38m last year, despite a 40 per cent fall in profits, according to the retailer's annual report.
The boost comes from an additional cash payment of £288,000 from share dividends accrued between July 2005 and July 2008 as part of his bonus plan, rather than a change in his base salary.
No salary increases or annual bonuses were awarded to any M&S executive directors during the year. They were told the company's poor performance meant they would not get a bonus.
Rose promised investors when he was promoted from chief executive to executive chairman that he would not be taking a pay rise in the controversial combined position.
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