BT cancels pay rises

27th May 2009 12:06

Telecoms firm BT has cancelled all pay rises and cut back on bonuses because the company did not meets its financial targets for the year. "The Committee decided to postpone the increases in on-target bonus levels for 2009/10. In addition, there will be no increases in the salaries of executive directors in 2009/10," said BT in its annual report. The chief executive if BT's problematic Global Services division, Hanif Lalani, will not get a bonus as he asked not be considered for one. But the former chief executive of the unit, Francois Barrault, received £2.85m, including a £1.6m termination payment. Barrault did however forgo options on around about 1.5m BT shares under the terms of his departure. Barrault stepped down last October.Chief Executive Ian Livingston will receive a bonus of £343,000, which is 20% of his possible maximum bonus.