Thursday, 1 September 2016
Last updated 3 hours ago
Mar 18 2013 | 2:36pm ET
The struggling Man Group will pay its top bosses no bonuses for last year and will permanently cap them going forward.
Man said annual cash bonuses will no longer exceed 250% of salary. That's significantly more than the 100% cap imposed on banker salaries by new European Union regulations, and higher even than the 200% cap allowed in some circumstances with shareholder approval.
Man will also award deferred bonuses only after a three-year performance assessment, it said in its annual report.
"The new plan will increase transparency and alignment with shareholders whilst reducing the complexity and likely quantum of awards," Man said.
Man also said it would pay its new CEO, Emmanuel Roman, the same US$1 million salary it paid his retired predecessor, Peter Clarke.