Legal & General to Boost Pay for Three Executive Directors 21%Howard Mustoe
Legal & General Group Plc, the biggest manager of U.K. pension assets, said it will pay three of its executive directors 21 percent more in base salary.
Chief Financial Officer Mark Gregory, who starts his job today; John Pollock, who runs the firm’s protection and annuities business, and Mark Zinkula, chief of Legal & General Investment Management, will be paid 560,000 pounds ($853,000), beginning today. Chief Executive Officer Nigel Wilson won’t see a basic pay increase until March, the London-based firm said in a statement today.
Pollock and Zinkula were given broader responsibilities, reflecting the pay increase, Legal & General said. Pollock will manage the company’s savings business, while Zinkula will oversee the firm’s unit trust fund business.
“We aim for overall remuneration to be competitively positioned around the mid-market range in relation to the FTSE 100 with particular regard to insurers and other financial institutions,” the company said in the statement.
In the U.S., compensation for CFOs rose by 3.5 percent at publicly traded companies and 3.1 percent at closely held firms this year, according to a survey from Grant Thornton and the Financial Executives Research Foundation published in May.