Top fund manager Neil Woodford scraps all staff bonuses at his investment firm

Star stock picker Neil Woodford's firm Woodford Investment Management has taken the unprecedented step of scrapping bonuses for all its 35 members of staff.

The move comes as Prime Minister Theresa May last month announced plans to crack down on 'corporate irresponsibility' by giving shareholders a binding vote to block excessive bonuses.

Craig Newman, chief executive of Woodford Investment Management, said the decision to axe bonuses was based on the belief that 'bonuses are largely ineffective in influencing the right behaviours.'

This article was published in This is Money, 22nd August 2016