By Peter Campbell and James Salmon
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Two pay reports released last night showed that despite the increase in shareholder revolts over lavish reward deals, top executives are still receiving multi-million pound packages.
Homeserve’s boss Richard Harpin, whose torrid year has seen the domestic insurance group admit gaping holes in its safety net designed to prevent miss-selling, received almost £6million last year.
As well as a pay package worth £1.5million he bagged a further £4.5million in income from dividend payments. He owns almost 12 per cent of the domestic disaster insurer.
Rebellions: But top executives are still receiving multi-million pound packages
Harpin’s basic pay rose 2.5 per cent to £523,000, and he received benefits such as a car and medical cover worth £36,000. He also received shares from a long-term scheme, which paid out £952,000, but the stock has since fallen in value.
But because of the debacle, which has seen the City watchdog launch an investigation into the group and a collapse in its share price (down 2.6p at 151.1p), Harpin has waived a bonus that was worth £408,000 the previous year.
It comes as the pay package for Xavier Rolet, the boss of the London Stock Exchange Group, soared to more than £2.2million after he presided over a 35 per cent increase in profits in the year to March 31.
Rolet picked up a salary and bonus of £2.2million, a 13 per cent increase from the package of just under £2million last year. He also received a £174,000 pension contribution.
It’s been a lucrative few days for the Frenchman, who last week became eligible to cash in a £1.8million shares windfall from an earlier performance related bonus.
The LSE has been trying to branch out under Rolet, with shares almost doubling to 973.5p (down 9.5p yesterday) since he took over in 2009. British Airways owner IAG is next to face the Shareholder Spring at its annual ballot on Wednesday.
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