Former Land Securities chief executive Francis Salway received £1.7m from the early vesting of shares when he left the company in March.
The remuneration committee decided on the payment in recognition of Salway’s achievements during nearly eight years as chief executive and eleven years with the group, particularly the company’s strong performance since 2009 when the shares were awarded.
According to the company’s annual report for the year to 31 March 2012, he received no other payments for leaving the group and all outstanding awards have now lapsed following his retirement at the end of the financial year.
The share payout was made on top of his annual remuneration package of £1.3m. This comprised a £481,000 bonus for the year, a £633,000 annual salary and pension and benefits of £206,000.
This £1.3m remuneration package was 8% less than the previous year.
It is also substantially less the rival REIT chief executive, Chris Grigg, who received a £1.9m total package including more than £1m of incentives and benefits for the same period according to British Land’s annual report, also just released.
This is slightly down from £2m the previous year.
Land Securities’ annual report also unveiled details of a remuneration policy review which sees the company scrap the payment of discretionary and additional bonuses.
The new structure for executive directors reduces the overall maximum value of annual and long term incentives from 500% to 450% of basic salary.
Bridget.oconnell@estatesgazette.com
