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A Shocking Reward

The Herald reports that Philip Bowman, who has been chief executive of ScottishPower for 13 months, is in line to receive £4million in cash and shares when it is taken over by Iberdola .

Unlike us mere mortals Bowman's contract with ScottishPower included detailed provisions to protect his financial position in the event of a takeover. The Herald estimates Bowman is entitled to receive a year's salary of £700,000, a bonus of £1,050,000 and £300,000 in lieu of pension contributions. He owns shares worth £1.9million based on the Iberdrola offer.

Bowman previously received £17. 6 million when Allied Domecq was sold to Pernod Ricard .

The Observer newspaper reported that ScottishPower finance director Simon Lowth would also receive a year's salary (£460,000) and a bonus of the same amount if he left following the takeover by Iberdrola. Lowth has shares worth around £2.7million .

Not bad for some , eh , when many are struggling to pay heating and lighting bills ?