Hays FD Paul Venables' pay drops by £200,000
Paul Venables' total remuneration falls from £1.3m to £1.1m, reflecting the tough economic conditions the recruitment giant found itself operating in last year
Hays FD Paul Venables saw his total pay shrink by almost £200,000 compared to
2009.
In a climate where the job market contracted in response to some of the
toughest economic conditions for decades, Venables’ total remuneration fell from
£1.3m to £1.1m this year at the FTSE 250-quoted accountancy recruiter.
Hays CEO Alistair Cox also saw his total remuneration fall by £200,000, the
company said in its annual report.
Hays’ global fees dropped by 17% year-on year to £557.7m, while operating
profits were down by more than 50% to £80.5m. However the recruiter said it was
well-positioned to take advantage of the next cycle of growth.
Auditors Deloitte were paid a total of £1.2m for their services, of which
£0.2m was for non-audit work.
The FTSE 250 company also engages PwC as independent remuneration advisers.
Hays added that PwC also provided advice on “tax, administrative and
compliance
issues relating to the operation of the company’s share schemes around the
world, and the Group’s transformational IT projects.”
Given the continuing economic uncertainty and the current environment, base
salaries for Venables and Cox will be frozen for the second year in a row in
2011, Hays added.
Further reading:
UK
results contrast for Hays and Robert Walters