FINANCE: Former Land Securities executive director Richard Akers took home the largest remuneration package from the UK REIT last year pocketing £2.6m.
According to LandSec’s annual report Akers’ package outstripped that of chief executive Rob Noel, whose total remuneration dipped from £2.7m to total £2.3m in the 12 months to 31 March.
Akers’ final remuneration was boosted by a £378,000 cash bonus – significantly up from £205,000 the previous year – although he did not receive an annual bonus deferred into shares which had come to £306,000 the previous year.
The amount of his long-term incentives that vested also rose from £878,000 to £1.7m at the conclusion of his 20-year tenure with the firm which tied in with the close of the financial year.
Akers’ base salary was £418,000 – similar to the previous year on when his total remuneration was £1.9m.
He joined Land Securities in 1995 and was appointed to the board in 2005, initially as managing director of its retail portfolio.
Chief executive Rob Noel’s £2.3m remuneration comprised a £694,000 base salary – up from £680,000 – a £347,000 cash bonus, similar to the previous year’s £340,000.
His annual bonus deferred into shares fell from £535,000 to £389,000 as did his vested LTIP shares which dropped from £931,000 to £647,000.
Finance director Martin Greenslade also saw his total package fall from £2.2m to £1.8m.
The REIT achieved an 11.5% NAV increase in 2013 and a bumper profit of £1.1bn – almost double that achieved in 2012.
Bridget.O’Connell@estatesgazette.com
