British Land chief executive Simon Carter received total remuneration of £1.7m for the year to the end of March, down almost 10% on 2022.
The company’s newly published annual report says Carter (pictured) – who stepped into the chief executive role at the beginning of 2021, having been chief financial officer since 2018 – received the same basic salary of £750,000 as the previous year.
However, his bonus award was £698,000, down from £1m the previous year. This equates to 93% of salary, against a maximum of 150%, and is higher than the 75% of salary awarded to Landsec chief executive Mark Allan. However, Allan’s base salary is higher at £820,000, giving him a bonus of £615,000.
Allan also benefited to the tune of £1.1m in equity thanks to the expiry of a three-year vesting period under Landsec’s long-term incentive plan.
Carter’s long-term incentive award this year was £142,000, up from zero in 2022. The rest of his remuneration pot included £113,000 in pension and pension allowances. The report shows that Carter’s total remuneration could have reached a maximum of £3.3m for 2023, including long-term incentives plan grants in the form of performance shares.
Chief financial officer Bhavesh Mistry was awarded a bonus of 95% of salary, also against a 150% maximum. His total remuneration for the year to the end of March was just under £1.7m, including salary of £490,000. This was down from £2.2m for 2022, based on pro-rata remuneration since his appointment in July 2021.
Landsec chief financial officer Vanessa Simms received a total remuneration package of £1.4m, including a £377,000 bonus equating to 75% of her £502,000 base salary, down from £2m total pay the previous year.
Both Carter and Mistry have been awarded 3% pay rises for the current financial year, pushing their base salaries to £773,000 and £505,000 respectively. This year’s average pay rise for staff below executive committee level is 6%.
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