Garrett-Cox’s earnings top £1m as Alliance investments prosper

But basic boardroom salaries have been frozen for 2012 as the Dundee-based firm reiterated its approach of rewarding improved performance with incentive awards rather than pay rises.

Garrett-Cox’s salary of £425,250, along with bonus and benefits, took her total package up to £1.034m for the 11 months to 31 December compared to £842,645 for the previous full year, although the 2011 figures was still well down on the £1.7m she collected in 2009.

Robert Burgess, the head of the savings arm of the group, who resigned from his post last month, received a £157,500 bonus as part of a £461,751 package, down from £549,572.

Finance director Alan Trotter received a £194,175 bonus as part of a £456,909 package, up from £405,833.

Chairwoman Lesley Knox – who stands down from the board next month – received £91,667, up slightly on the £90,000 she received in the previous year.

Earlier this month, the company said it was rewarding investors with its biggest dividend hike in 20 years following a year during which it faced-down a major revolt led by activist investor Laxey Partners.

The trust revealed the increase of more than 7 per cent in its annual pay-out alongside results that showed the group delivered a top-quartile total shareholder return.

At the time, Garrett‑Cox said: “The message we are sending to shareholders… is that the asset portfolio is in good shape.”

She said the performance was noteworthy given “the jarring shocks that have become so much a feature of equity markets over the past four years”.

The company said that its total shareholder return was “well ahead” of the global growth sector index – ranking six out of 32 investment trusts in the period, compared with number 24 out of 33 the previous year.

During the period the firm bought back about a tenth of its share capital in an effort to reduce its discount. The stock closed down 0.4p at 373.8p.