Giles Thorley, chief executive of Punch Taverns, has been awarded more than 1m share options even after the pub owner revealed last week that its annual loss had quintupled to £406m ($665m).

Punch said on Monday that Mr Thorley has been granted the option to buy nearly 1.2m shares at last Thursday’s closing price of 90p as part of the group’s long-term incentive plan (L-TIP).