Marks & Spencer chief executive Marc Bolland missed out on more than half of his potential annual bonus last year but his reward package still totalled £2.14m.

Bolland won 42.5% of the potential bonus he would have been entitled to had all criteria been met. On top of his total fixed pay salary of £1.31m he got a bonus of £829,000. Half of the bonus is deferred into company shares for three years.

His total remuneration is £726,000 more than Marks & Spencer’s next highest paid executive director, Steven Sharp.

The figures were detailed in Marks & Spencer’s annual report and accounts. Last year the retailer’s underlying pre-tax profits fell almost 6% to £665.2m on sales up 1.3% to £10bn.

The targets of a performance share plan for M&S directors that was initiated in 2010 were not met and the scheme has now lapsed.