By Jeff Prestridge
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Mike Yardley, former boss of Royal London, was awarded a £4million ‘resignation’ package plus a pension of £447,000 a year, according to the mutual’s 2011 accounts.
His successor, Phil Loney, received a ‘golden hello’ package worth £1,280,000 as compensation for leaving Lloyds Banking Group.
News of the boardroom excess will infuriate the insurance giant’s 3.8million customers, many of whom are receiving pitiful bonuses on their endowments and pensions. It could lead to a stormy annual meeting next month in London.
Lucrative farewell: Former boss of Royal London was awarded £4million plus a pension of £447,000 a year
Members of the mutual, which embraces financial brands including Scottish Life and Scottish Provident, will receive forms in the next couple of days that let them vote against directors’ remuneration.
The huge payouts will embarrass a company that boasts about ‘high standards’ of corporate governance and whose chief investment officer, Robert Talbut, is chairman of investments at the Association of British Insurers.
Talbut has repeatedly argued against over-generous remuneration packages for directors.
Yardley, 55, resigned at the end of September last year after 13 years as chief executive and received £1,163,000 for nine months’ work. But this sum pales into insignificance compared with awards made after his departure.
Financial Mail has established that between leaving and March 2015, he will receive £4,028,000, mainly from ‘incentive’ schemes. In 2017, when he turns 60, he will receive a £447,000 a year inflation-linked pension too.
Loney received a joining payment of £67,000 when he replaced Yardley. This year, he will receive a further £918,000 as compensation for awards lost at Lloyds and a further £295,000 before September 2014.
Royal London said Yardley’s awards reflected its strong performance and said they were ‘well aligned with the long-term interests of members and policyholders’.
On Loney’s ‘golden hello’, it said it was vital it had ‘the right packages to recruit the right executives’.
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