Brady's pay at Invesco tops pounds 1m for 1993

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The Independent Online
INVESCO, the fund management group, paid Charles Brady, its chairman, more than pounds 1m in 1993. That was the year in which the group was fined a record pounds 750,000, with pounds 1.6m costs, by Imro, its regulator, for breaches of its rules related to the Maxwell pension funds. Invesco has since paid pounds 11.5m in compensation to Maxwell pensioners.

Mr Brady, who was made executive chairman just over a year ago, received basic pay of pounds 375,000 and a performance-related bonus of pounds 653,000. Of this total, pounds 772,000 related to the months following his appointment as chairman. An American with a reputation for no- nonsense professionalism, he had formerly been chief executive.

Mr Brady was also granted 300,000 share options in May 1993 at an exercise price of 100p. The shares closed at 171p last night.

Invesco said: 'Performance- related payments consist of amounts payable in respect of the year under the group-wide profit sharing schemes.' The group recently reported pre-tax profits of pounds 33.4m last year, up from pounds 12.6m in 1992. However, the increase disappointed City analysts, who saw it as an indifferent return on income of pounds 172m.

Lord Stevens, Invesco's chairman during the period when the company breached Imro's regulations, received no compensation for loss of office when he resigned on 1 April last year. But for contractual reasons he drew his salary until September, a sum of pounds 143,000.

Lord Stevens had been paid pounds 300,000 plus a performance-related bonus of pounds 171,000 and pension contributions as chairman in 1992.

Ironically, one of Mr Brady's first jobs as chairman was to defend payoffs to departing directors at last year's shareholders' meeting.

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