Remuneration for the chief executive of one of the UK’s most prominent high-street stores sees pay package fall year on year after “challenging trading conditions”.
Pay for the chief executive of one of Britain's most high-profile retailers, Next, dropped sharply by a little more than 55% in 2016–17, according to the company's annual report. Next revealed that Lord Wolfson's pay dropped as a result of difficult trading conditions, which also saw pay for executives fall between 30% and 45%. No executive received a bonus, and long-term incentive plans saw a decreased vesting rate. The annual report said the remuneration committee believes its "rigorous approach to target setting and linking pay to performance means that the actual remuneration earned by the executive directors continues to be a good reflection of their and NEXT’s overall performance. "Thus the challenging trading conditio