BBC executive board waives bonuses

BBC

The BBC executive board has agreed to waive its bonuses for 2009 in light of the economic recession.

The news comes after Director-General Mark Thompson revealed that the corporation is facing a £140 million shortfall over the next five years as a result of the current economic climate.

Michael Lyons, chairman of the BBC Trust, confirmed Friday: "In light of the financial challenges facing the BBC we asked the remuneration committee of the BBC executives about whether it was appropriate to pay bonuses given the financial environment. All of those who have an entitlement to a bonus in 2009 have agreed to waive them."

Thompson, who has waived his bonus for the last four years, last week warned staff that they would have to "limit entertaining" to help cut costs. This year's Christmas party plans have been scaled back, while corporate hospitality at events such as Wimbledon will also be reduced.