The directors of Land Securities and
BL chief executive Chris Grigg was the top earner overall in the year to 31 March 2010, with a total pay package of £1.78m excluding pension. This was split between a basic salary of £800,000 – which will be the same this year – and a £960,000 bonus, a third of which was paid in shares which have to be held for three years.
The bonus equates to 120% of his salary, with the maximum that could be paid equating to 180% of his salary.
LandSec chief executive Francis Salway took home a total of £1.3m excluding pension. His £645,000 salary was up slightly from the £640,000 paid last year. After waiving a bonus last year, along with the rest of the LandSec board, Salway was paid one worth £655,000. This equated to 102% of his basic salary, with 300% the maximum that could be paid.
Across both boards, LandSec retail director Richard Akers took home the largest bonus of any director, £1.04m, as a result of the strong performance of the company’s retail portfolio.
Both companies moved away from using earnings per share growth as the key measure against which bonuses were judged. BL switched to a system where like-for-like rental growth is measured over a three-year period, to ensure that the creation of long-term income growth is rewarded. LandSec used total shareholder return as its key bonus performance measure.
Overall, the six strong executive board of LandSec took home a combined £4.3m, while the six-strong executive committee of BL took home £4m, although this includes executives who departed during the year such as Mike Hussey and Andrew Jones.
LandSec chairwoman Alison Carnwath was paid £300,000, while BL chairman Chris Gibson-Smith was paid £349,000.
michael.phillips@estatesgazette.com
