Misys has defended its decision to award 100% bonuses to five of its directors, despite its plummeting share price.
Misys chief executive Kevin Lomax, deputy chairman Strone Macpherson, mangaging director John Sussens, finance director Howard Evans and corporate development director Ross Graham received bonuses totalling £1.3m.
A Misys spokesman said the company's performance targets had not changed since 1997 and that directors got no increase in salary or bonus last year. He added: “Kevin Lomax's salary of £367,500 is much lower than the average FTSE 100 chairman's salary of £700,000.”
Misys faces the prospect of being dropped from the FTSE 100 when it is reviewed next month.
But the spokesman said: “If we come out of the FTSE, we come out of the FTSE.”
He said company performance was in fact better in the FTSE 250, as tracker funds did not affect results.
