BusinessPeople In BusinessSix FDs make it into £1m big league

Six FDs make it into £1m big league

Big bonuses have taken six FTSE-100 FDs into the million-pound-a-year bracket, according to the fifth annual pay survey by Financial Director magazine.

Amvescap’s Robert McCullough, the American accountant who has headed the league table for three years, has finally been toppled from the number one slot, despite a 53% increase in his salary, bonus and benefits package to Pounds 1,635,000.

The new top-ranking FD is Vodafone’s Ken Hydon, who earned a Pounds 2,426,000 bonus last year in the wake of the merger with Mannesmann, taking his total pay package to Pounds 3,036,000.

Nicholas MacAndrew, the soon-to-depart FD of Schroeders, earned a regular annual bonus of Pounds 428,000, plus an additional Pounds 750,000 because of the sale of the investment banking business, taking his total package to Pounds 1,371,000.

Overall, FDs of FTSE-100 companies earn Pounds 311,668 on average, 9% more basic salary than in last year’s survey, but bonuses are up by 55% to Pounds 198,665. With benefits packages worth some Pounds 21,000, total average pay for leading FDs is up 16% to Pounds 531,593.

Bonuses accounted for 40% of total pay packages, up from 28% in last year’s survey.

The survey also looked at the age of FDs and found they have managed to make time stand still: the average age of an FD was unchanged at 48, thanks to the departure or promotion of FDs such as David Allvey (54) at Barclays and Robert Colvill (59) at Marks & Spencer; they were both succeeded by FDs aged 44.

Links

FDs say they would work for free

FDs’ emphatic ‘no’ to domestic perks

Related Articles

Shortlist announced for British Accountancy Awards 2017

Accounting Firms Shortlist announced for British Accountancy Awards 2017

4m Emma Smith, Managing Editor
Pimlico Plumbers to take employment case appeal to Supreme Court

Legal Pimlico Plumbers to take employment case appeal to Supreme Court

4m Alia Shoaib, Reporter
HMRC appoints new director generals

HMRC HMRC appoints new director generals

5m Alia Shoaib, Reporter
Submit your entry for the British Accountancy Awards!

People Business Submit your entry for the British Accountancy Awards!

5m Emma Smith, Managing Editor
BDO appoints two non-executive directors as advisers to leadership team

Accounting Firms BDO appoints two non-executive directors as advisers to leadership team

6m Emma Smith, Managing Editor
Ex-HMRC chief to join ICAS council

HMRC Ex-HMRC chief to join ICAS council

8m Emma Smith, Managing Editor
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Settlement reached between Margaret May and CIMA

Accounting Standards Settlement reached between Margaret May and CIMA

11m Stephanie Wix, Writer