Reuters directors must miss out on bonuses after failure to hit sales targets for dealing terminals

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The Independent Online
DIRECTORS at Reuters missed out on bonus payments last year because it failed to meet internal targets for installing its new dealing terminals.

Total directors' remuneration for 1997 fell by 10 per cent as installations of the Series 3000 dealing systems only reached 28,000 after the first full year of sales against a target figure of 30,000. Bonuses were also affected after the group failed to achieve a 10 per cent growth in earnings per share last year.

The details were included in Reuters' annual report which was published yesterday. It showed that five directors enjoyed pay increases of 6.8- 17.7 per cent in a year when Reuters profits fell by four per cent to pounds 626m.

Peter Job, Reuters' chief executive, saw his basic salary increase by 17.7 per cent to pounds 500,000, despite the absence of a bonus. In the previous year his pay was boosted by a pounds 213,000 bonus to pounds 651,000.

Reuters chairman Sir Christopher Hogg, who resigned from the group's remuneration committee last month, saw his basic salary rise by 13.5 per cent to pounds 185,000 last year.

Reuters has been under increased pressure following an investigation in the US over whether some of its employees stole data from its arch rival Bloomberg.

Reuters has said it has no knowledge of illegal activity. Rivals have said that the Reuters 3000 system has failed to prove itself in the battle against Bloomberg.

Reuters shares closed 11p higher at 643p.