Rob Noel, chief executive of Land Securities, saw his pay package jump 63% to more than £4.35m in 2014/15 as his performance-related pay increased substantially on the previous year.
Noel saw £3.97m in incentive-related pay added to his £711,000 basic salary of which £2.8m was long-term incentive payments. This was 85% of the potential earnings available to him through his incentive plan.
Chief financial officer Martin Greenslade also benefited from an uplift in performance-related pay, according to the company’s annual report, with a total package in excess of £3.1m. His incentive plan added nearly £1.9m to his basic salary of £481,000. Like Noel this was 85% of his potential earnings.
The pair were awarded the majority of their packages in shares, with vesting periods due over the coming years to 2017.
Noel has more than 730,000 unvested shares from previous awards due to him over the same period with Greenslade due over 507,000 in unvested shares.
Both directors will see a basic salary increase as they enter the new financial year with Noel’s rising to £754,000 and Greenslade taking home £491,000 over the course of 2015/16.
Land Securities saw its net asset value per share up 27.6% to 1,293p over the 2014/15 financial year and posted an annual profit of £2.4bn.
