Tesco chief turns down £372,000 bonus

Philip Clarke, the chief executive of Tesco, has opted not to take his £372,000 annual bonus because of the group's poor performance in its core British market.

In a statement sent to Reuters, Clarke said: "I decided at the beginning of the year that I would decline my annual bonus for 2012. "I was not satisfied with the performance in the UK and I will not take the bonus. I am confident we are tackling the right issues." The UK's largest retailer, which has seen its shares lose almost a quarter of their value so far this year, is to pay staff a reduced annual bonus. Its employees in the UK are set to share a bonus pool of £110m, with the top 5,000 managers taking home 16.9% of their maximum entitlement and executive directors receiving 1...