Aston Martin to pay top bosses more than peers after struggling to attract talent

Aston Martin is set to outstrip its FTSE 250 counterparts by offering higher remuneration packages to its top executives, following difficulties in attracting high-calibre talent in recent years.

The luxury car manufacturer, based in Warwickshire, is considering boosting the bonus potential for its CEO and CFO from 200% to 250% of their respective salaries, as reported by City AM.

In a statement, Aston Martin noted that "while this would position annual bonus ahead of UK FTSE 250 practice, it would take our annual bonus policy to median within our identified global luxury peer group and lower quartile against our automotive peers."

The company conceded that it has faced challenges in talent acquisition "due to the lack of competitiveness of our reward packages" under its latest remuneration policy.

It further stated that the enhanced bonus opportunity would "continue to be linked to stretching targets, ensuring maximum payouts are only received for exceptional performance across a range of KPIs [key performance indicators]."

Additionally, Aston Martin is proposing a new hybrid long-term incentive plan structure which would merge existing performance share awards with new restricted shares "to better support the delivery of our strategy."

CEO Adrian Hallmark, who took the reins at Aston Martin in September last year after serving as chairman and CEO of luxury car maker Bentley, is among those set to benefit from these changes.

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