Pay and bonuses rises despite profits falling
RSA’s annual report reveals that it paid its executive directors 15% more last year, in part to a rise in bonuses, despite a 20% fall in operating profit, Dow Jones reports.
It paid its top three executives a total of £4.599m for work done in 2009, up from the £4.002m in 2008.
Chief executive officer Andy Haste was the highest paid, with a 14% increase in compensation to £2.239m from £2.037m the year before.
Bonus culture
Next was chief financial officer George Culmer with £1.261m, up from £1.112m. Simon Lee, CEO of international operations, received £1.009m, up from £853,000 previously.
The three had total bonuses of £2.11m in 2009, with Haste getting £1.025m, Culmer with £598,000 and Lee with £487,000.
Their combined 2009 bonus is 24% higher than the £1.698 million they had in 2008.
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