GlaxoSmithKline lowers exec bonuses by £1.781 million

GlaxoSmithKline (GSK) lowered annual bonuses for executive directors by £1.781 million in 2012.

According to the pharmaceutical firm’s Annual Report 2012, the group’s executive directors received £2.131 million in annual bonuses for 2012, compared to £3.912 million in 2011.

However, GSK’s remuneration committee decided to increase annual salaries for executive directors’ by 2% for 2013, in line with average salary increases within the UK.

Tom de Swaan, remuneration committee chairman at GSK, said: “[The reduced bonuses] reflected a very challenging operating environment, particularly in Europe, where the outlook for the organisation significantly worsened during the year.”