Funds spotlight falls on Boots

Retailing giant Boots is at risk of coming under fire from the National Association of Pension Funds (NAPF) for paying short-term bonuses to its executive directors.

Steve Russell, the company's chief executive, earned 764,000 (€1.17m) for the year ending March, including a short term bonus of 173,000 which represents 30% of his 575,000 basic salary. The bonus was paid even though the company failed to meet its profits targets.

Boots' annual meeting takes place on July 25, although shareholders will not be given a vote on the company's remuneration policy. The NAPF believes that best practice includes giving a vote on pay to shareholders.