He could also receive a bonus of about 1 million for the past financial year, when the retailer lost ground in a fiercely competitive industry.

This means that about 3,000 staff will receive a bonus worth more than 30,000 each.

But he did not receive a bonus this year in a nod to the controversy that such payouts have attracted since the financial crisis.

In the early 1990s a chief executive might receive a bonus of 50 per cent of his salary.

For example someone who had invested 30,000 in a with-profits bond in 2001 would receive a bonus of 4,500.