Go-slow for property pay

News

17 July 1993

However, the amounts paid ranged from the top of £376,000, paid to David Goldstone of Regalian, down to £50,000 for the highest-paid man at London & Associated Investment Trust.

A third of the industry heads received more than £200,000; these include Peter Hunt of Land Securities, Sydney Mason of Hammerson, Sir Nigel Mobbs at Slough Estate, John Ritblat of British Land, and the top earners at MEPC, Brixton Estate, and Percy Bilton. The exception is Richard Peskin of Great Portland, who was paid only £34,000 directly by the company, according to the latest available accounts.

Although the average pay rise was kept below inflation at 2%, this figure masks wide variations. At Bourne End, the remuneration of the highest-paid director jumped 50% to £75,000, and Asda Property’s Manny Davidson saw his salary increase 30% to £232,000.

On the downside, the best-paid boss at Helical Bar – probably chief executive Michael Slade -took a cut of 17% to £292,000. In fact, Slade’s pay has fallen sharply since 1987, when his profit-related package of £1.1m earned him national notoriety.

Other companies where the top rate of pay has fallen include Evans of Leeds and Scottish Metropolitan, both down 16%; and Estates & General, down 26%. But, in some cases, a key player left the company during the year and has either not been replaced or his successor is getting less. For example, Gordon Milne at Scottish Metropolitan and David Bloomfield of Estates & General have stepped down as chief executives.

Some open-handed companies have disappeared from our lists altogether this year. For example, Mountleigh, which paid its joint boss Nelson Peltz top dollar – £457,000 in 1991 – went under last year; similarly, Cabra Estates, where chairman John Duggan earned £311,000 in 1991, called in the liquidators in November.

Property companies are clamping down on bosses’ pay rises. The chairman or highest-paid director of a quoted property company was earning an average £164,400 in 1992-93, 2% up on the previous year, according to Estates Gazette’s monitoring of their accounts. However, the amounts paid ranged from the top of £376,000, paid to David Goldstone of Regalian, down to £50,000 for the highest-paid man at London & Associated Investment Trust. A third of the industry heads received more than £200,000; these include Peter Hunt of Land Securities, Sydney Mason of Hammerson, Sir Nigel Mobbs at Slough Estate, John Ritblat of British Land, and the top earners at MEPC, Brixton Estate, and Percy Bilton. The exception is Richard Peskin of Great Portland, who was paid only £34,000 directly by the company, according to the latest available accounts. Although the average pay rise was kept below inflation at 2%, this figure masks wide variations. At Bourne End, the remuneration of the highest-paid director jumped 50% to £75,000, and Asda Property’s Manny Davidson saw his salary increase 30% to £232,000. On the downside, the best-paid boss at Helical Bar – probably chief executive Michael Slade -took a cut of 17% to £292,000. In fact, Slade’s pay has fallen sharply since 1987, when his profit-related package of £1.1m earned him national notoriety. Other companies where the top rate of pay has fallen include Evans of Leeds and Scottish Metropolitan, both down 16%; and Estates & General, down 26%. But, in some cases, a key player left the company during the year and has either not been replaced or his successor is getting less. For example, Gordon Milne at Scottish Metropolitan and David Bloomfield of Estates & General have stepped down as chief executives. Some open-handed companies have disappeared from our lists altogether this year. For example, Mountleigh, which paid its joint boss Nelson Peltz top dollar – £457,000 in 1991 – went under last year; similarly, Cabra Estates, where chairman John Duggan earned £311,000 in 1991, called in the liquidators in November.