AAM boardroom pay-out tops £13m for second year running

By PERRY GOURLEY
Published on 18/12/2012 00:00

EXECUTIVE directors at Aberdeen Asset Management, Scotland’s best-paid plc board, have shared a £13 million-plus salary and bonus pay-out for the second year running.

The fund manager’s annual report shows that the five executive directors pocketed £2.8m in cash bonuses for the year to 30 September, with a further £8.42m in deferred bonuses payable over the next four years in company shares.

Chief executive Martin Gilbert was awarded £4m in bonuses on top of his £500,000 salary.

His total pay package was £4.5m, exactly the same as the previous year.

Hugo Young, head of equities, also received £4m in bonuses as part of his £4.48m package, up from £4.24m for the part of the previous year that he served.

Chief investment officer Anne Richards received £2.1m, up from £1.9m for the part of the 2011-12 year she served.

Finance director Bill Rattray received £1.16m and deputy chief executive Andrew Laing received £1.19m, both marginally up on the previous year.

Chairman Roger Cornick received fees of £230,000, up from £187,000.

Total boardroom pay, including fees for the nine non-executive directors, was £14.13m, up from £13.57m, although – for the second year running – there was no increase in the basic salaries of executive directors.

The payments came after another strong performance for the group, which entered the FTSE 100 index earlier this year.

Full-year pre-tax profits rose by 15 per cent to £347.8m with revenues rising to just over £869m from £784m a year earlier. Net cash reserves more than doubled to £266.4m from £127.5m.