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Formica builds £6.65 million Henderson stake
by James Phillipps on Mar 20, 2013 at 09:13
Henderson boss Andrew Formica has built a £6.65 million stake in the group.
He also has interest in 5.07 million shares and options through the company’s share plan scheme, which at today’s price of 165.4p, would be worth an additional £8.38 million.
The fund house’s executive directors are required to maintain a personal target holding equivalent to one times their base salary, but Formica (pictured) holds 19 times that level.
Henderson’s annual report, released today, reveals Formica’s base salary of £350,000 has remained unchanged since his appointment as chief executive on 5 November 2008.
However, he received a 257% bonus worth £899,500, and with long-term incentives and other rewards took home £3.012 million in total.
Compared to previous awards, this was down 25% year-on-year as Formica received a 428% bonus in 2011, helping drive his total remuneration to £4.02 million.
Henderson’s group remuneration policy is to apply a mandatory deferral of annual bonus awards above £50,000 and this coupled with its long-term incentive plans has seen several executives build up significant stakes in the business.
Chief financial officer Shirley Garrood received a base salary of £300,000 as the remuneration for the post has remained unchanged for the last 10 years, but she also earned a 118% bonus, down from 150% last year.
Garrood’s personal holding in the company is equivalent to five times her base salary and she has additional interest in 2.09 million shares and options through the company’s share plan.
David Jacob, who stepped down from his chief investment officer role in December, and is now vice chairman, received total remuneration of £2.45 million.
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