£1m pay bonus for SSE chief

A £1 MILLION share bonus helped boost outgoing SSE chief executive Ian Marchant’s last full pay package to more than £2.6m.

Although he waived his right to an annual bonus on top of his £870,000 salary following the mis-selling scandal which drew a record fine from regulators, Marchant did benefit from the vesting of a long-term incentive plan. Together with a £680,000 increase in the value of his pension, his total package rose by £1.18m. Marchant, who leaves at the end of this month, will receive a pension of about £420,000 from age 60.

Replacement Alistair Phillips-Davies, will receive £755,000.

Pre-tax profits last year were 5.6 per cent higher at £1.41 billion despite a drop in revenues.