Bumper bonuses for Berkeley board
It’s happy days for main board executive directors of house-builder Berkeley Group who, on the back of solid growth by the company in recent years, have secured bumper bonuses.
Latest annual report shows that the total remuneration package for Berkeley chairman Tony Pidgley in 2015/16 was £21,489,000, thanks to a multi-year performance incentive payment worth more than £19m to add to his basic salary of £850,000 and £1.275m annual bonus.
Chief executive Rob Perrins received a £9,585,000 multi-year performance incentive on top of his basic salary of £515,000, £33,000 benefits and £773,000 annual bonus, to make a total remuneration package for the year of £10,993,000.
Fellow executive directors Greg Fry, Karl Whiteman and Sean Ellis have also benefited from seven-figure performance bonus, to make total packages of £7,138,000, £3,943,000 and £3,010,000 respectively.
The multi-year performance incentive scheme was set out in 2009. Since then, Berkeley’s share price has risen from below £8 to more than £30 at the end of the 2015/16 financial year – although it has dipped somewhat in the wake of the EU referendum.
The non-executive directors watching over Berkeley's boardroom pay are quite certain that these men are worth every penny. The Remuneration Committee states in Berkeley Group’s 2016 annual report: “The committee is satisfied that there is strong alignment between company performance and the remuneration of the executive directors.”
In the year to 30th April 2016 Berkeley generated £2,047.5m revenue, down 3.4% from the previous year’s £2,120.0m. Profit before tax was down 1.6% to £530.9m (2015: £539.7m).
It was not that good a year for Tony Pidgley, however. In the previous financial year he got £23.3m.
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This article was published on 4 Aug 2016 (last updated on 4 Aug 2016).