The boss of transport companies group Clarksons is going through his eighth shareholder riot in a row after receiving a blockbuster £12 million pay packet final 12 months.
Andi Case, who has led the agency since 2008, obtained a bonus of £10.4 million. It makes him one of many highest paid bosses of any agency listed on the London inventory market.
However Clarksons is a little-known enterprise outdoors the world of ship-broking. It’s listed on the second-tier FTSE 250 index as a result of, with a price of simply over £1.2 billion, it’s too small to make it into the elite Footsie.
Regardless of this, Case is paid greater than a number of the best-remunerated bosses of a lot larger family names.
Troubled waters: Clarksons is a little-known enterprise outdoors the world of ship-broking
His rewards outstripped these of HSBC’s Noel Quinn, who made £10.6 million, Tesco’s Ken Murphy, who is about to gather £10 million, Wael Sawan’s £8 million at Shell and the £8 million made by Murray Auchincloss at BP.
His £12 million payday was virtually triple the quantity handed to Vincent Clerc, the boss of the world’s largest transport firm Maersk, who made £4.6 million. Maersk is valued at £19.3 billion.
Case was paid lower than a number of main FTSE 100 bosses, together with AstraZeneca’s Pascal Soriot, who made £17 million final 12 months.
4 out of ten shareholders voted in opposition to Case’s pay on the 2023 annual assembly, placing Clarksons on the official ‘record of disgrace’ for grasping bosses.
It is a register run by commerce physique, the Funding Affiliation, itemizing companies the place greater than 20 per cent of shareholders voted in opposition to govt pay.
AstraZeneca, Pearson, Unilever and Smith & Nephew have all been embarrassed by investor revolts in recent times.
However main voices, together with that of London Inventory Trade boss Julia Hoggett, argue massive pay packets are essential to retaining gifted bosses within the UK.
Clarksons says it must lavish massive sums to cease its prime canine going to rivals.
Case and finance chief Jeff Woyda obtain uncapped bonuses linked to the group’s income. A married father-of-two, Case has obtained £50 million up to now decade.
He receives a wage of £550,000 and £17,000 in advantages, together with a personal automobile and membership for an unspecified variety of personal golf equipment.
Critics stated handing him such sums regardless of repeated revolts confirmed the agency had an issue with its ‘ethical compass’.
Case, 57, joined Clarksons in 2006 and have become its chief govt in 2008.
Within the cash: Clarksons boss Andi Case
Two shareholder advisory teams, Pirc and Glass Lewis, have beneficial buyers reject the pay report at its annual assembly this week.
Glass Lewis stated that though Case and Woyda have waived a part of their bonus in earlier years, an organization’s pay coverage ‘shouldn’t depend on the goodwill of its executives to mitigate extreme payouts’.
Andrew Speke of the Excessive Pay Centre assume tank stated: ‘Clarksons’ clear disregard for the views of its shareholders exhibits an organization sorely missing when it comes to its ethical compass.’
Tim Miller, a board director who leads the corporate’s pay committee, defended Case’s rewards.
He stated the corporate is a ‘UK success story’ and that shareholders had benefited from ‘and a rise in worth beneath Andi’s tenure of over 1,800 per cent’ taking the corporate’s market worth ‘from £62 million to over £1.2 billion right now’.
