Next PLC (LSE:NXT) boss Simon Wolfson saw his £4.5 million pay package approved for the last financial year despite disputing with warehouse workers over a £1-an-hour pay hike.
Wolfson’s pay was approved at the group’s AGM on Friday and permits the chief executive officer to receive a fixed salary of £908,000 along with a bonus of £36,000 and a £136,000 pension.
Additional bonuses relating to the group’s performance saw him receive an additional £3.4 million.
It comes after the retailer achieved record profits of £918 million, beating out analyst forecasts and allowing it to return £425 million to shareholders through dividends and buybacks.
Shares in the group are currently trading at around 9,400p, the highest since the company listed back in the late 1980s.
Wolfson’s pay approval comes as USDAW, the union covering multiple unions, continues to fight for its members to receive better salaries at Next.
Warehouse workers were offered a £1-an-hour pay rise, which was swiftly rejected by members.
Mark Todd, USDAW’s national officer, said: “The company’s initial offer was rejected by members and we have continued in positive discussions with management, seeking to secure an improved offer that can be put to another ballot.
“Meanwhile staff have had their pay lifted to minimum wage levels in compliance with the law.”