TOP Morrisons bosses have received a big pay boost for starting to turn round the Bradford-based supermarket business.

According to Morrisons latest report and accounts, chief executive David Potts waived a 2.5 per cent increase to his £850,000 basic salary but received a £1million bonus, taking his total package to £2.25 million, including other benefits. Half of Mr Potts’ bonus was in shares deferred for three years.

Finance chief Trevor Strain, who was promoted in 2013 on a lower salary than his predecessor Richard Pennycook, received a second phased pay rise of 9.5 per cent from February 2016, taking his salary to £575,000, along with a £763,000 bonus.

Irwin Lee, remuneration committee chairman, said the payment took into account Mr Strain’s substantial contribution to the business during a time of significant transition and taking on extra responsibilities.

The committee had noted the significant number

of votes against the previous remuneration report and discussions took place with institutional shareholders who didn’t support the report.

Mr Lee added that the committee would carry out a comprehensive review of remuneration policy and consult major shareholders before seeking shareholders’ approval for any changes.

Chairman Andrew Higginson states in his annual report that Morrisons executive team has set about injecting a new pace into the company’s turnaround.

He says: “By listening hard to customers and responding quickly wherever possible, the team are rebuilding Morrisons around its key strengths – good quality fresh food, great value for money, good customer service and authentically British.

“It will take time, and we are not assuming the trading environment will improve, but I am confident that we have made the right changes to simplify and focus the business and to begin to drive sales volumes and deliver improved profits and returns for shareholders.”