BA chiefs waive £350,000 in bonuses

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The Independent Online

The top three executives at British Airways waived bonuses totalling £350,000 last year in a show of solidarity with the airline's workforce, which is facing further big job cuts.

The top three executives at British Airways waived bonuses totalling £350,000 last year in a show of solidarity with the airline's workforce, which is facing further big job cuts.

Rod Eddington, the chief executive, decided not to take his £150,000 bonus, while the finance director John Rishton and the director of flight operations, Mike Street, each gave up their entitlement to an extra £100,000 on top of basic salary.

A spokesman for BA said: "Given that we are still looking to take costs out of the business, in particular employee costs, they deemed that it would not be appropriate to take their entitlements."

Despite Mr Eddington's magnanimity, a big increase in the value of his pension pot still took his pay, including pension contributions, to just under £966,000, putting him 67th in The Independent's survey of FTSE 100 executive pay, published today.

Mr Eddington received £584,000 in basic salary and benefits last year - a 6 per cent increase in his pay in 2002-03 - and a contribution of £408,000 into his pension pot, increasing its transfer value to £948,761. He was also conditionally awarded 294,643 shares which will vest in three years' time, depending on the airline's financial performance.

Mr Rishton was paid £320,000 - a 17 per cent increase on the previous year - while Mr Street earned £346,000, a 5 per cent rise. Lord Marshall, who retires as chairman next month, was paid £263,000 compared with £251,000 the previous year

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