Equitable chiefs may get bonus

Equitable Life has infuriated policyholders by revealing it might pay its chairman and chief executive bonuses totalling up to 525,000 after what its annual report describes as a ghastly year for the troubled mutual.

The report shows that David Thomas, a former director - one of 15 being sued by Equitable for more than 3bn - was paid 226,065 for eight months' work.

This included a payment of 150,000 for agreeing to delay his retirement as investment director by four months. He also had his pension fund boosted by 353,687 under an agreement with the previous board.

Nine other directors being sued by the society, including Chris Headdon, former chief executive, and John Sclater, former chairman, received fees ranging from 7,143 to 45,377 in the case of Headdon. The directors had all resigned by April 24.