Stephen Hester, the chief executive of RSA, the London-based insurance group behind the More Than brand, was last year handed a total pay and benefits package of more than £4m. The 58-year-old received a basic salary of more than £1m, a bonus of £800,000 and a longer-term incentive payout of nearly £2.2m. He was given a car and driver, worth £64,000. And an extra £302,000 to help him “save for retirement”.
That level of pension contribution – 30% of basic salary, usually paid in cash – is far from unusual in top company boardrooms. Many directors get more. But the cash handouts are fast becoming the focus of shareholder anger, as investors increasingly question why the best-paid bosses get far higher contributions than workers.Continue reading...
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