Shareholders rebuke Travis for pay award
Published: 27 May, 2011
NORTHAMPTON: Shareholders took issue with Travis Perkins over the 20% pay rise for chief executive Geoff Cooper.
The Financial Times said: "it was not the pay rise that irked shareholders, rather the fancy corporate footwork with which it was achieved."
"Travis Perkins cut Mr Cooper's pension contribution, a generous 45 per cent of his £530,000 a year salary, to bring it in line with the 25 per cent that other directors were receiving. The 20 per cent difference, equivalent to about £110,000 a year, was moved into Mr Cooper's salary pot. That significantly increases potential bonus payments of up to 120 per cent. The result was a disapproving "red top" notice from the Association of British Insurers and a 40 per cent vote against the remuneration report," the FT wrote.