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Showing posts with the label Scottish Media Group

Electric shocks

It is good to see that your electric bill went to good cause .

Scottish & Southern Energy , the Perth-based parent company of Scottish Hydro-Electric , has handed its top executives inflation-busting salary increases after a review of boardroom remuneration concluded that they were underpaid .
SSE's four executive directors saw their basic salaries rise by between 9% and 17%.

Chief executive Ian Marchant is now on a basic of £720,000 - an increase of around £100,000 in the past two years. Also proposed to the annual meeting was that the maximum bonus "cap" for executive directors under the company's new performance share plan be increased from 100% to 150% of salary.

Marchant's salary, annual bonus, and benefits jumped by more than 16% to £1.21 million in 2006-07, up from £1.04 million in the prior financial year. As well as his basic salary of £675,000, bonus of £518,000 and benefits of £17,000, Marchant was awarded 46,081 shares under the deferred bonus plan.Th…

Paid Richly For Failure

Yet another of Socialist Courier's never-ending exposure of greedy capitalist pigs with snouts in the trough .

Former Scottish Media Group chief executive Andrew Flanagan was handed a pay-off of £831,024 after being ousted last year. This comprised £649,600 in compensation for loss of office, the Scottish Media Group's annual report reveals, together with the release of awards worth £181,424 under the company's long-term incentive and performance share plans.

He earned more than £1.1 million from SMG in 2006 after working only six-and-a-half months of the year before stepping down on July 18. This included £257,000 in salary for the period, plus benefits of £50,000 comprising car, medical insurance and pension supplement. On top of that, his severance deal included a payment of £555,600, representing 12 months' salary and benefits in lieu of notice. Surprisingly perhaps, he also got a £44,000 bonus. A further £50,000 was added to Flanagan's compensation package becau…