BusinessCorporate FinanceBonus for Compass directors despite profit warning

Bonus for Compass directors despite profit warning

Andrew Lynch, the former finance chief of Compass Group who was promoted to chief executive of its Select Service Partnership subsidiary, is one of four directors to receive a bonus, despite the group issuing a shock profits warning last September.

Link: Standard Life CEO, FD sacrifice bonuses

While Lynch’s £114,000 pales against the £510,000 he received in 2003, investors are likely to be angered by what looks like another example of a reward for failure.

The group’s executive chairman, Sir Francis Mackay, and chief executive Miachael Bailey, both refused the offer of bonuses feeling it would be inappropriate.

In total, Compass Group paid out £881,000 in bonuses, although the vast majority of this went to Alain Dupuis, head of Compass’ Asian and Australian operations, who was on a serparate bonus rating system.

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