When EMI was made private by Guy Hands in 2007, many senior figures at the company took generous incentive schemes.

Annual reports published this week show that the schemes, which were due to pay out in 2014, were cancelled by Citigroup upon acquiring EMI because "the sale proceeds did not exceed the relevant amount."

Although the incentive beneficiaries have never been named, they are thought to have included Faxon, the recorded music division boss Elio Leoni-Sceti and chief operating officer ...