The executive directors at Dignity have voluntarily agreed to waive their annual bonuses following the company’s trading update in January.
The bonuses would have amounted to £1.7m.
At the beginning of the year, the firm issued a profit warning where it said it expected is results for the period ending 28 December 2018 to be substantially below the market’s current expectations.
The company also made the decision to lower its funeral prices in a bid to “reposition” itself for future growth.
In January, Dignity said: “The pace of change and the level of competition in the funeral sector is accelerating and we are responding to changing customer demand as some bereaved families search for alternative and lower cost funerals. This is evidenced by the success of our low cost, online direct cremation service Simplicity Cremations, launched in November 2016.
“As well as using our extensive national network of funeral homes, we will continue to improve how we help customers online whether on their mobile, tablet or computer. We will use these capabilities to create a powerful presence in both our traditional premium funeral services and other emerging and lower cost services.”
The company’s four directors have also had their salaries frozen.