Swinton’s director pay was boosted more than 1,000 per cent in 2009, according to Insurance Times.
In 2008 directors took home GBP1.5 million but in 2009 that changed to GBP16.3 million – more than ten times the previous year. Then in 2010 directors pay, including emoluments and pensions, went back down to GBP1.7 million, the website reported.
The news comes a day after Swinton’s French parent company, Covea, sacked entire board for “putting their short term interests ahead of the long term interests of the company”.
A spokesman said the 2009 years pay rise was not linked to yesterdays decision.
In 2008, the year of the pay rise, Swinton Group Limited’s post-tax profits were GBP28.9 million. They dipped the following year to GBP21.8 million but recovered in 2010 to GBP27.1 million, Insurance Times said.
