Institute slashes pay

THE new boss of scandalhit business lobby group the Institute of Directors will be paid little more than half the salary of its former director-general.

The IoD, which aims to promote good corporate governance in British firms, was left red-faced last year after its chairman Barbara Judge resigned amid allegations of racism and bullying. Stephen Martin, who had been the director-general for less than two years, left just months later.

In a job advert, the IoD said the successful applicant will be offered £250,00, just over half the £452,000 Martin got. It said: ‘The IoD is under no illusion. It must change to remain relevant, sustainable and reflective of today’s leaders.’