Friday, December 28, 2007

Gilbert and riches


Martin Gilbert, chief executive of Aberdeen Asset Management, saw the value of his overall remuneration tumble in the latest year despite bumper profits for the fund manager, but remained one of corporate Scotland's best-paid executives.The annual report of Aberdeen Asset Management, published yesterday, shows that Gilbert received total pay and benefits of £3,096,000 in the year to September, down from £3,951,000 in the preceding year . The fall in remuneration was due to the fact that Gilbert elected for employer contributions to his defined contribution pension scheme with the firm to cease. Aberdeen said following changes to UK pensions law on April 6, 2006, other employees had elected to follow suit. The A-day changes included the introduction of a £1.5m limit on individual pension funds.


Even at the reduced level, Gilbert's package makes him one of Scotland Plc's biggest earners. In 2006, Sir Fred Goodwin, chief executive of Royal Bank of Scotland, earned a basic salary of nearly £1.2m and a performance bonus of £2.8m, boosting his total package by over £1m on 2005 to just under £4m.Sandy Crombie, chief executive of Standard Life, earned a pay, bonus and benefits package worth £1.6m in 2006.

Stewart Milne of the building company took home more than £7.5m in salary, benefits and dividends in the year to June


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