By Jeff Prestridge
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While the sums are not in the same stratosphere as the £17.7million package awarded to Barclays’ Bob Diamond, 2011 was a rewarding year for several of Britain’s building society bosses.
Despite customers suffering from a double-whammy of record low saving rates and rising mortgage rates, many of them were awarded handsome pay rises or lucrative annual bonuses.
Leading the field among those mutuals to have published 2011 reports and accounts is Yorkshire’s Iain Cornish.
Iain Cornish: Last year the Yorkshire Building Society boss received £742,000 ¿ 32 per cent up on 2010
Last year, he received £742,000 â€" 32 per cent up on 2010. He resigned at the end of the year, taking with him a pension pot worth £3.7million that will entitle him to a pension of £196,000 a year.
His replacement, Chris Pilling, appointed on the last day of 2011, was instantly awarded £156,000 to compensate him for lost earnings from his previous employer, HSBC.
Peter Griffiths, chief executive of Cardiff-based Principality, saw his remuneration fall ten per cent but his 2011 package of £526,000, buoyed by £166,000 of bonuses, meant he still took home more than bosses of bigger rivals such as Coventry, Skipton and Leeds.
Others to receive big bonuses include David Cutter at Skipton (£53,000) and David Stewart at Coventry (£88,000).
Stewart waived his right to £38,000 of remuneration, taking his total pay package to the same level as 2010.
The £38,000 was given to students from disadvantaged backgrounds to study at Warwick University.
But executive rewards declared so far will pale into insignificance against the 2011 package for Graham Beale of Nationwide, the country’s biggest building society.
Details of his remuneration have yet to be disclosed, but in 2010 he received £1,741,000.
BIG WINNERS IN THE MUTUALS BOARDROOMS
Chief Executive      Society                     Pay £
Iain Cornish              Yorkshire                   742,000
Peter Griffiths         Principality               526,000
David Stewart           Coventry                    525,000
David Cutter            Skipton                      482,000
Peter Hill                   Leeds                        423,000
Jim Willens                Newcastle                  309,000
David Marlow            Nottingham                291,000
David Cowie             Manchester               255,000
John Milton               National Counties      220,000
Jon Hall                    Saffron                       198,000
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