Society chief paid 33% more
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.FRED Crawley, chairman of Alliance & Leicester, received a pay rise of 33 per cent last year and Peter White, chief executive, was paid 27 per cent more than in 1992, including pension contributions, according to the annual report yesterday.
The building society, which owns Girobank, also paid pounds 200,000 compensation for loss of office to Ian Hamilton, the former group finance director, who left last September.
The increase in Mr Crawley's pay to pounds 191,000 reflected additional workload, time put in and level of responsibility, the society said. Mr White's increase in total remuneration of pounds 55,000 to pounds 262,000 included a pounds 31,000 profit-related bonus and a pounds 21,000 pension contribution.
Total bonuses paid by the society to directors rose from pounds 16,000 in 1992 to pounds 135,234 last year. They are based on profit performance in the previous year and 'achievement of personal goals', and may include a discretionary element decided by the remuneration committee, the report said.
Bonuses look likely to rise further this year, since the society's 1993 profits shot up 65 per cent to pounds 205m before tax. The report also revealed that four directors, including Mr White, were on three-year contracts.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments