£1.4m for Brewin’s directors

EXECUTIVE directors at investment manager Brewin Dolphin shared £1.4 million in cash and shares bonuses in its latest trading year, despite a 27 per cent fall in group profits to £21.9m from £30m.

Brewin’s annual report yesterday revealed that the bonuses were down from £1.7m in the previous year. The group’s performance last year was partly hit by a £6m contribution to the Financial Services Compensation Scheme as a result of the failure of financial firm Keydata.

The report shows Brewin’s executive chairman, Jamie Matheson, received a £277,000 cash bonus as part of an overall pay package of £534,000 in the year to 30 September, down from £567,000 in 2010.

Matheson has criticised the large amounts that firms such as his pay in levies.