Executive directors at Marston’s have earned their first pay rise since October 2007 — a rise of 5.95% was awarded in October this year, according to the annual report, writes Paul Charity.
The company froze pay for two years in light of the “economic environment, uncertain outlook, and pay and conditions elsewhere in the group”.
The pay award was “appropriate and comparable with those being applied elsewhere in the group”.
The exception during the pay freeze was finance director Andrew Andrea whose basic salary increased to £240,000 and now £285,000 in a two-step adjustment after he became finance director in March 2009.
More generally, emoluments for the executive directors totalled £2.11m in the year to 2 October 2010, up from £1,526,159 the year before.
All five executive directors earned 40% of the maximum bonus pay-out after consideration of the group’s financial performance — 100% of the bonus target is payable if the company exceeds profit targets by 10%.
Ralph Findlay, chief executive, earned £625,637 in 2010 compared to £451,890 the year before thanks to a bonus of £173,888.
Derek Andrew, head of the group's managed pubs arm, earned £379,097 compard to £277,403 thanks to a bonus of £104,287.
Alistair Darby, head of the tenanted and leased arm, earned £378,539 in 2010 compared to £277,403 in 2009 thanks to a bonus of £104,060.
Andrew Andrea, finance director, earned £354,829 in 2010 including a bonus of £96,000 — his earnings of £107,534 in 2009 were for a part-year of employment as finance director.
Stephen Oliver, head of the brewing arm, earned £378,539 in 2010 compared to £274,620 in 2009 thanks to a bonus of £104,060.
For the current financial year, bonus objectives for all bonus schemes have been changed so that one-third of the maximum entitlement for all employees is contingent on the group achieving its return on capital targets.
The remaining two-thirds will continue to be based on the achievement of group profit targets.
