RANGERS chief executive Graham Wallace is in line for a bonus worth 100 per cent of his £315,000 pay packet.
Documents released from the club yesterday detail how Wallace will be entitled to double his salary if business targets are achieved.
It is understood that 50 per cent of the bonus is based on the commercial performance of the club with the remaining 50 based on the Rangers chief executive’s personal performance.
The payments are not believed to be related to the performance of the team on the park.
The former Manchester City chief operating officer will also see his salary rise by £25,000 should Rangers return to the top flight and a further £25,000 should the club return to European competition.
His current package includes a £15,000 car allowance, pension contributions of ten per cent of salary and £1m in life insurance.
Rangers disclosed details of their chief executive’s bonus following a shareholder request under Section 229 of the
The news emerged at the same time that Rangers told non-playing staff at the club that they were looking for candidates for voluntary redundancy. It has been reported that the entire marketing department has been handed redundancy notices.
Companies Act 2006 which outline salary details, bonuses and terms of employment.
Wallace’s bonus is more stringent than that which saw Charles Green receive 100 per cent of his salary for Rangers achieving promotion from the bottom tier of Scottish football.
Rangers chairman David Somers and directors James Easdale and Norman Crichton have no bonuses written into their contracts.
David Somers takes home a salary of £60,000 a year with director Norman Crichton on £40,000.
James and Sandy Easdale no longer take a salary from the club.
Union of Fans spokesman Chris Graham said: We’re very disappointed that, once again, a club executive has the potential to earn 100 per cent of his salary in bonuses.
“The club must clarify full details of how the chief executive’s bonus is benchmarked.
“It is disappointing this detail is missing from the contract available to shareholders - and disappointing that shareholders have to go to the club and invoke the Companies Act for details in the first place.”
A statement released by Rangers defended the chief executive’s renumeration package.
It read: “We are delighted to have a board made up of such experienced professionals. All pay and bonuses are structured to meet AIM requirements and institutional investor guidelines.
“Bonuses are decided by renumeration committee chaired by James Easdale, who this year waived his entitlement to receive fees and repaid to the company £12,640.340 in feed he received in the last half of 2013 when he was appointed as a director. Sandy Easdale has never received any fees.
“The committee set and review executive renumeration within the context of the company’s overall corporate performance.”