Comment: Ladbroke's incentives are a good bet
Thursday 10 April 1997
Approximately half of this sum comes from the LTIP, which appears, from the little we are told about it in the annual accounts, to be based solely on the performance of Ladbroke's share price. Fortuitously for Ladbroke's executive directors, the plan was set up when Ladbroke's share price was on the ropes. That's helped Ladbroke to become the 23rd best-performing share in the FTSE 100 share index over the past three years and apparently justifies this whopping great payout.
Such are the delights of these Greenbury-approved LTIPs, however, that Mr George would have received something like pounds 160,000 even if Ladbroke had underperformed the index and the company come in at number 75. Some incentive. Subject to shareholder approval, the accounts say, the remuneration committee has decided to introduce modifications to the scheme this year "to make the achievement of reward more demanding".
Good of them, that, but it's not clear it will make much difference. For the remuneration committee receives "regular advice from external independent consultants", you see, and they say that executive pay should be in line with Ladroke's leading competitors and "other companies which operate internationally". Thus is the going rate for the job perpetually bid upwards.
IoS exclusive: MI5 'tried to recruit' Woolwich attack suspect Michael Adebolajo
French soldier stabbed in the neck in Paris
EDL marches on Newcastle as attacks on Muslims increase tenfold in the wake of Woolwich machete attack which killed Drummer Lee Rigby
Fallen angel: Winona Ryder on bouncing back from her decade in the wilderness
Hurricane season fears as warning satellite fails
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Nook is donating eReaders to volunteers at high-need schools and participating in exclusive events throughout the campaign.
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.