Towergate’s highest paid director enjoyed a £290,883 pay rise last year, its annual report reveals.

The director’s total package rose from £1,967,820 in 2012 to £2,258,703 in 2013.

Total director remuneration was steady at £4.2m.

The report does not name the highest paid director and a group spokesman refused to confirm whether the director was group chief executive Mark Hodges.

The other executive director is chief financial officer Scott Egan and there are a number of non-executive directors, including founder Peter Cullum and former chief executive Andy Homer.

The spokesman said: “We don’t comment on individual compensation, and all decisions are approved by our board and shareholders. Employees are central to the group’s success, so an appropriate remuneration package is offered that rewards an individual’s performance and contribution to the organisation.”

Towergate is in talks to make 990 staff redundant as it restructures its retail broking division and moves branch finance functions to a central accounting hub.

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