- Phil Loney, boss Royal London, received a remuneration totalling £3,208,000
- Meanwhile, NFU Mutual boss Lindsay Sinclair received £2,123,111
- A third of this came from a long-term incentive plan
Sky high: Royal London’s Phil Loney earned £3.2 million
Nationwide’s Joe Garner is not the highest paid executive of a mutually owned financial services business.
That accolade goes to Phil Loney, boss of pensions and insurance giant Royal London.
Last year, he received remuneration totalling £3,208,000 – two thirds of which comprised proceeds from short-term and long-term incentive plans.
His remuneration sits a little uncomfortably with the stance taken by Royal London’s fund management arm on sky-high executive packages.
In April, it voted against the directors’ remuneration report at housebuilder Persimmon following ‘extremely generous’ pay awards granted to board members.
NFU Mutual boss Lindsay Sinclair also enjoyed wallet-bulging remuneration last year.
In total, he received £2,123,111 – an inflation- busting 17 per cent increase on the year before.
A third of this came from a long-term incentive plan – a form of remuneration Nationwide’s board ‘refuses’ to pay although it is quite happy to pay equally lucrative rewards under its directors’ performance award scheme.
Despite the size of Sinclair’s pay package, nearly 97 per cent of members who voted at last week’s annual general meeting at the National Conference Centre in Solihull, West Midlands, approved the directors’ remuneration report.