FDs see remuneration fall more than 14%
Total remuneration for FTSE 100 FDs has fallen in the last year according to pay consultancy RTF Navigator
FTSE 100 finance directors take home wages fell more than 14% in the last
year according to RTF Navigator, an executive pay information specialist.
The top level finance directors saw total remuneration fall to £1.38m from
£1.61m in 2009.
Salaries stayed the same however the drop in total pay was largely due to a
decline in bonuses and share incentives the Financial Times reports.
Cash bonuses for FTSE 100 FDs fell by nearly 5% to £375,000 from £393,000.
Share incentive schemes cashed in by FDs fell more than 29% on average.
The highest paid FTSE 100 FD was Colin Day of Reckitt Benckiser, the consumer
goods company, with a total pay of £7.9m. Rob Perrins of Berkeley Group was the
highest paid FD out of the FTSE 350 taking home £13.8m.
The second highest paid FD in the FTSE 100 is BG Group’s Ashley Almanaza with
£6m; Byron Grote of BP with £3.4m; Trevor Reid of Xstrata with £3.3m; and Mark
Armour of Reed Elsevier with £2.9m.
Peter Newhouse, a pay consultant and one of the creators of RTF Navigator,
said: Many of the UK’s biggest companies are still recovering slowly from the
worst of the recession.
“It’s not that surprising that bonuses are down in many of the UK’s
boardrooms.”