Marks & Spencer boss Sir Stuart Rose boosted his income by 28% last year after picking up a £288,000 share windfall, according to press reports.

The windfall took the income of the M&S executive chairman for the year to £1.38m, despite a 40% drop in profits at the retailer. The dividend relates to shares granted in 2005 at a time when the company posted a stronger financial performance.

Some 1.18m shares were awarded to Rose last year, which could yield him a bonus of up to four times his salary if all performance targets are hit.

“The targets are stretching and senior remuneration is always aligned to the interests of shareholders,” an M&S spokesman told the Daily Mail.