Tesco boss refuses £372,000 bonus

24 May, 2012

Tesco chief executive officer Phillip Clarke has declined his annual bonus, as UK employees share more than £110m.

The news was announced in the company’s annual report, which highlighted financial results including UK revenue growth of 5% to £42.8bn, accounting for 66% of the group’s overall revenue.

The UK supermarket business said its top 5,000 managers would receive a reduced annual bonus of 16.9% maximum, as not all performance targets were met in the UK. Executive directors are expected to receive a maximum bonus of 13.54%.

Clarke’s decision to decline this year’s £372,000 bonus because of “the weaker-than-expected performance in the UK”.

Clarke said: “The Tesco team has worked harder than ever in the last year and shown real loyalty and commitment. It has been a challenging year for everyone and it would have been harder still, had it not been for the determination of the team. This award is our way of saying thank you for what they continue to do best – delivering for our customers.”

Tesco’s group financial highlights included sales of £72bn, group profit before tax of £3.8bn and a 1.6% increase in underlying profit before tax.

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