Cairn Energy chief enters million-plus pay league

CAIRN Energy chief Sir Bill Gammell has entered the league of £1 million-plus earning chief executives for the first time after a bumper year for his oil firm.

Sir Bill, chief executive of Cairn Energy and head of its new Cairn India arm, which is due to allot shares today ahead of its flotation on the Indian stock exchange, pocketed 2.8m in the last financial year.

Sir Fred Goodwin, chief executive of the Royal Bank of Scotland, took home slightly more than Sir Bill, at 2.9m, but his company has a global output equivalent to a quarter of Scotland's entire gross domestic product.

And Edinburgh-entrepreneur and Rangers owner David Murray scooped a pay cheque of 2.1m from his Murray International enterprise.

A list of high-earning directors shows that it is both private and listed companies who are paying out top-whack salaries.

Not on the list is corporate lawyer Alastair Dickson - husband of cashmere queen Belinda Robertson - but only because his pay at his firm Dickson Minto has not been disclosed. However, he was reported last year to have taken home around 1.3m after a good year at his firm, which specialises in mergers and acquisitions - and following a strong period in the M&A market this year, is not expected to have earned any less.

However, basic pay surveys give only a rough guide - as there are many other factors, such as dividends and share options that are not taken into account.