Aggreko chief Soames sees his pay rise 6%

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AGGREKO chief executive Rupert Soames enjoyed a 6 per cent rise in his pay package last year, slightly less than the increase in the Glasgow-based temporary power supplier’s profits for the same period.

Soames, who has been in charge at the firm since 2003, saw his basic salary rise to £610,000 in 2011, up from £550,000 previously. However, his annual bonus fell from £750,000 to slightly less than £638,000.

Including other benefits, the chief executive’s total package for the year amounted to £1.39 million, up from £1.31m in 2010.

Along with other directors, Soames also received shares in Aggreko under its long-term incentive plan. Granted in June 2008 when Aggreko’s shares were trading at 594p, the stock vested in June last year at a price of 1,823p.

In the case of the 150,572 shares granted to Soames, the award had a market value of more than £2.7m at the time of vesting.

Finance director Angus Cockburn and international director Kash Pandya also received long-term incentive stock worth in excess of £1m each. George Walker, president of Aggreko’s operations in North America, fell just shy of this mark with shares valued at £954,000.

Cockburn’s total pay for 2011 rose by 13.6 per cent to nearly £803,000, though much of this was linked to cash payments received in lieu of pension contributions.

Earlier this month, FTSE 100-listed Aggreko posted a 6.5 per cent rise in profits to £324m. Turnover increased by 11 per cent to £1.4 billion.