// JD Sports activities boss Peter Cowgill banked particular bonus after voluntary 75% pay lower
// He has been handed nearly £6m in bonuses since February final yr
// JD Group accepted £86.1m in furlough funds for employees
JD Sports activities government chairman Peter Cowgill has reportedly pocketed a particular bonus regardless of a voluntary 75 per cent lower in primary pay.
The boss of JD Group has been handed nearly £6 million in bonuses since February final yr regardless of the corporate accepting greater than £100 million in authorities help.
The proprietor of JD Sports activities, Millets and Black Leisure, and a string of abroad sportswear chains, accepted £86.1 million in furlough funds for employees and an estimated £38 million in enterprise charges aid final yr.
Cowgill agreed to a 75 per cent lower in his primary pay – which fell to £700,000.
His annual bonus was additionally fell from £1.7 million to £1.3 million.
Nonetheless, he banked £3 million through the yr from a particular bonus, half of which was paid in February 2020, and an additional £1.5 million – which had initially been due for fee in October 2020 – was paid this January, The Guardian reported.
An extra £1.5 million was paid only a month later, in February.
The particular bonus was permitted by shareholders in July 2019 for “distinctive previous efficiency” and was set to be paid in 4 instalments of £1.5 million every over the next 18 months.
Two of the instalments had been paid previous to the Covid-19 pandemic, and one of many funds was delayed in any case bonus funds had been placed on maintain in April final yr as a consequence of the pandemic.
Nonetheless, the historic particular bonus funds have since been paid.
JD completed its monetary yr with nearly £800 million, whereas income smashed £420 million earlier than one-off prices from gross sales that had been up barely over the yr at £6.2 billion.
The retailer has been condemned for restarting dividend funds to shareholders whereas retaining the federal government pandemic monetary help.
JD Sports activities finance director Neil Greenhalgh acquired £871,000 in complete pay for the yr to January, up from £853,000 a yr earlier than as he collected practically £560,000 in bonuses.
Head of JD’s remuneration committee Andrew Leslie mentioned the bonuses had been “reflective of the sustained excellent efficiency of the group”.
“The posting of remarkable outcomes throughout such a difficult local weather demonstrates that the remuneration strategy and steps taken all through the pandemic proceed to help and drive this efficiency,” he mentioned.
JD mentioned the pandemic help had helped the corporate to retain employees: the group now employs 22,336 folks, 450 greater than in February 2020.
JD mentioned: “Authorities help was accepted in areas the place it was provided, with the first goal of retaining the hundreds of retail jobs which had been in danger through the interval of extended retailer closure.
“This authorities help fulfilled its goal because the group has not made redundancies on a big scale and the overwhelming majority of jobs have been retained.
“Towards this background, the board and remuneration committee determined it’s applicable to reinstate the fee of dividends whereas additionally returning to extra regular ranges of pay for government and senior crew members.
“As compared with earlier years, the chief chairman has acquired a lowered bonus stage this yr.”