Croydon North MP, Steve Reed has confirmed the proposals had been dropped during an Environment, Food and Rural Affairs (Efra) committee session with MPs yesterday.
The so-called retention plan would have amounted to 50% of senior bosses’ salaries, leading to them getting £1m on top of their annual salaries and regular bonuses.
The payments were linked to the struggling firm securing a rescue loan of up to £3bn to stave off collapse earlier this year.