British Land chief executive Chris Grigg pay dropped by over £1.5m in 2016-17 compared with the previous year.
Grigg’s salary fell from from £3.62m to £1.95m due to lower bonus payments.
According to British Land’s 2017 annual report, “our relative property sector performance has been slightly above or just below market level rather than delivering the clear outperformance we aspire to achieve”, despite delivering good financial results in an “eventful” year.
This meant payouts from British Land’s annual incentive plans and long-term incentive awards were lower than last year.
The annual incentive award of £418,000 was half of last year’s total, and one third of the maximum, because the company missed targets of total return versus property majors and Estimated Rental Value growth against IPD.
Long-term incentives totalled £356,000 this year, down from £1.6m last year.
William Jackson, chair of the company’s remuneration committee, said that it showed that the company’s remuneration policies were working correctly in the interests of shareholders and other stakeholders.
