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.