By Peter Campbell
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Bosses at two of Britain’s most recognised companies were last night awarded shares worth many millions of pounds.
Marks Spencer and BT both lavished their top executives with large quantities of stock, which will pay out as a reward for their long-term performance.
It comes the day after the Government was accused of watering down proposals to give shareholders more powers over company pay packages.
Reward: Marc Bolland's payout may increase substantially if Marks Spencer's share price increases
Marc Bolland, chief executive of MS, yesterday received company shares worth almost £3million. He was granted stock worth £2.5million under the group’s long-term incentive plan, where shares will pay out in three years’ time if the company meets a stringent set of performance targets.
Additionally, he was granted shares worth £344,000 as the deferred part of his annual bonus.
This will also pay out to him after three years, as long as he is still with the company.
And if the share price (last night down 1.4p at 337.3p) rises, Bolland may end up receiving substantially more.
Also yesterday, telecoms giant BT awarded stock potentially worth £3.6million to its chief executive, Ian Livingston. Shares worth £2.3million were granted to him as part of the company’s long-term reward plan.
For Livingston to collect the shares in 2015, the company has to meet criteria that includes the amount of money returned to shareholders.
He was also given stock with a value of £1.3million as the delayed aspect of his annual bonus from last year. It will pay out in 2015 regardless of performance.
In the past three years, the company’s share price has more than doubled â€" meaning the amount Livingston could collect at the end of the waiting period could be much more. Last night they closed 1.2p down at 201.5p.
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