M&S chief executive Stuart Machin’s pay package halved to £3.97million last year after the retailer scrapped bonuses following a major cyber attack.
The disclosure came as M&S chairman Archie Norman launched a fresh attack on the UK’s business environment, warning that Britain has become increasingly hostile to growth, investment and job creation.
Writing in the retailer’s annual report, Mr Norman said: “There has rarely in the history of M&S been a time where the regulatory environment has been less friendly to growth and investment and our tax burden increased substantially in the year.”
He warned that rising taxes and regulation were putting pressure on businesses and contributing to the “continued decline of many high streets and town centres across the country”.
While insisting M&S would “sail into the wind and ride the waves”, he suggested smaller businesses may struggle to cope with the mounting cost burden.
A Treasury spokesman defended the government's record, pointing to business rates reform, measures to cut red tape and a £4.3 billion support package for the high street."