Most of his total take-home pay is comprised of a £1,358,000 bonus on top of his basic £274,000 and £3,000 in benefits. He was also granted options over 100,000 shares, which are already showing a profit of about £1 a share – though he won’t be able to exercise those options for almost three years.
McCullough has options over another 950,000 shares, at an average exercise price of £3.48. With the shares currently standing at around £12, McCullough is sitting on an unrealised profit of £8.2m.
But Amvescap doesn’t seem keen to draw attention to such details. Three separate requests to the company for the full annual report and accounts resulted in Financial Director being sent the ‘summary annual report’ – which, being just seven pages shorter differs from the full report and accounts only in that it excludes a detailed breakdown of directors’ pay.
- Financial Director is a monthly sister magazine to Accountancy Age.
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