3i stops salary hikes and bonuses to top management

In its annual report, published this month, 3i has announced that it has halted salary increases and bonuses to its senior management.

The report has said that no member of the firm's management committee or its executive directors will receive an increase in base salary this summer except in consequence of promotion to a new role. With respect to bonuses for 2008-2009, the report states that the management committee "did not think it would be appropriate to pay any bonuses at all" following the "sharp fall in 3i's share price", other than to fulfill contractual agreements.

The move is expected to lower the amount 3i pays out in bonuses by approximately 90% from 2008, when it paid £55m.

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