M&G chief: Increase salaries and scrap annual bonuses for execs

Suggested replacing incentive share awards

Michael McLintock, chief executive of M&G Investments, has proposed increasing the basic salaries of top executives at Britain's largest firms, while abolishing annual bonuses, according to reports.

According to Sky News, McLintock (pictured) made the proposal during a private meeting with other asset management chiefs earlier this month. It is reported he also suggested public companies should replace long-term incentive share awards with restricted stock, which recipients would have to retain for 10 years. His proposals were raised as an idea for further debate, rather than a basis for M&G's future discussions with companies, according to the report. M&G, which manages around £250bn and is owned by Prudential, declined to comment. McLintock's proposals come at a time wher...