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[FT] BT has cancelled plans to boost potential future bonuses for executives after a year of underperformance from its struggling IT services division, but the former head of the unit still walked away with a £1.6m pay-off, the company’s annual report has revealed.

The telecoms group had already pledged to freeze pay for all of its 85,000 UK staff this year, including for top management, but plans to increase potential bonuses and financial targets have been abandoned, the report said.

BT shelves pay rise plans for executives