A £35m bonus for each boss at engineer

BOSSES of an engineering turnaround group are in line for bonuses of around £35m each in shares under a five-year incentive scheme coming to fruition.

Top brass at Melrose Industries will share around 70pc of a roughly £200m bonus pot likely to be confirmed at the end of May.

The payout will make executives Simon Peckham, Geoffrey Martin, David Roper and Christopher Miller among the best paid in the City. The company has returned £4.3bn in dividends and other payments to shareholders over the past five years, meaning the payouts are unlikely to generate a shareholder backlash.

A spokesman for the company said: ‘We’ve kept investors completely up to date on this since the scheme was approved in 2012.’

In 2015, Melrose Industries’ chief executive Peckham earned £ 929,000 including £ 394,000 in bonuses, while chairman Miller earned £533,000 as did vice- chairman Roper. Finance director Martin earned £753,000.