BusinessCompany NewsNorthern Rock under fire over exec pay rises

Northern Rock under fire over exec pay rises

Commercial and treasury directors received 14% increases

Substantial pay rises to executive directors at beleaguered mortgage lender
Northern Rock just days after the
FSA warned of the threat it faced due to
the growing US sub-prime lending crisis has angered corporate governance body,
Pensions and Investment Research Consultants
(PIRC
).

Andy Kuipers and Keith Currie, the lender’s commercial and treasury
directors, got 14% cent increases, taking their pay to £415,000, along with
deputy chief executive David Baker who saw his pay climb 16% to £530,000, and
CEO Adam Applegarth, who received a 10% rise to £760,000.

Furthermore, the pay increases came just three months before the mortgage
lender issued a profits warning, citing the sub-prime crisis.

‘The impact [of the sub-prime crisis] on their business must surely have been
known when the remuneration consultants proposed such a weak earnings measure,’
PIRC spokesman Tom Powdrill said.

Further reading:

FSA: Northern Rock ‘solvent’

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor