Pay bonanza in the boardrooms
AS Barclays' chief executive Matt Barrett revealed a new three-year contract that will net him up to £15m, tobacco giant BAT and gas group BG also unveiled pay rises for their top teams.
BAT's chairman Martin Broughton collected £2.3m in pay and bonuses, including £770,000 option gains last year, and a further £719,000 in share awards since year-end. Ulrich Herter received £1.13m plus £531,000 since year-end. Keith Dunt got £753,500 plus £1.1m option gains plus £266,000 since year-end.
BAT deputy chairman Ken Clarke got an 18.75% rise to £118,750. The former Chancellor also collected £125,000 at chemist Alliance Unichem.
At BG, chief executive Frank Chapman was paid £757,000 last year, up from £407,000. Chairman Richard Giordano saw his pay rise from £272,000 to £449,500.
Barclays' Barrett is still a long way ahead in the pay stakes, with an annual package of up to £4.86m. Royal Bank of Scotland chief Fred Goodwin looks a pauper in comparison, taking home £1.57m last year.
BAT's accounts showed group pension and healthcare deficits of £659m, mostly in Germany. But it has £376m assets elsewhere to cut the shortfall. BAT has no plans to change its UK final-salary scheme. It paid out a massive £879m to settle tobacco lawsuits last year. It hopes the tide of litigation is ebbing, though two large US cases remain.
