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News : TalkTalk Slashes Bonuses as Cyber Attack Weighs on Profits
London, UK, June 20, 2016 -- Boardroom bonuses at TalkTalk have halved following a cyber attack last year which is costing the telecoms provider tens of millions of pounds to put right.
TalkTalk's remuneration committee, which decides on executive pay, has trimmed bonuses from 62pc of basic salary to 40pc, according to the FTSE 250 company's annual report.
As a result, chief executive Dido Harding will receive a lower-than-expected £220,000 bonus in respect of the year to March 31. The figure represents half of what she was awarded the year before.
Last year's cyber attack cost TalkTalk £42m, but the total cost of the data breach expected to total £60m, as TalkTalk responds to customers, adds call centre staff and upgrades its online security.
Alongside the hacking incident, TalkTalk has been struggling to stem a declining number of pay-TV and broadband customers amid rising competition in the market for bundled broadband and television subscribers.
TalkTalk has tightened its security since the attack, but admitted in the annual report that "it is not possible to completely eliminate data and cyber security risk".
Despite the cut in bonuses, Baroness Harding, who has held senior jobs at Tesco and Sainsbury’s, will still get a pay boost, thanks to a separate incentive scheme that pays out this year.
She pledged to donate her £220,000 2016 bonus to the Ambitious for Autism charity.
Posted by Veronica Silva Cusi, news correspondent
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About TalkTalk Group:
TalkTalk is the United Kingdom's leading value for money provider of fixed line broadband and voice telephony services to consumers and business users. The group serves over 4.8 million customers across the UK under the TalkTalk, AOL Broadband and TalkTalk Business brands. Over the past five years, through a combination of organic growth and acquisitions, TalkTalk has built one of UK's largest broadband and voice customer bases.
Published: Tuesday, June 21, 2016