BT’s finance chief
Hanif Lalani has joined the select band of FDs in the £1m+ salary bracket after
his pay packet was inflated by more than 40% last year.
Lalani who was appointed FD of the telecoms giant on 7 February, 2005
received a total pay packet of £1.068m in 2006/2007 compared with £759,000 for
BT’s previous financial year.
His windfall was also boosted by a £135,000 pension provision payment. Lalani
is a member of the BT Pension Scheme but has opted out of future pensionable
service accrual, BT stated. In respect of his decsion, the
FTSE 100 giant said it had ‘agreed to pay
an annual amount equal to 30% of his salary towards the pension provision.
Lalani’s pay is set to increase even further after BT’s most recent annual
salary review. The corporate has approved Lalani’s basic pay packet being
boosted by an extra £60,000 from that date: ‘Hanif Lalani’s salary will be
increased from £460,000 to £520,000,’ said BT in its annual report. ‘All
increases will be effective from 1 June 2007.’
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