C&W chief's annual pay exceeds pounds 3m
Wednesday 03 June 1998
Mr Brown's pay packet makes the US-born businessman one of the best-paid company chiefs in the UK, outstripping by far his counterpart at BT, Sir Peter Bonfield.
C&W's annual report, sent to shareholders yesterday, shows that Mr Brown earned a salary and annual bonus of pounds 1.16m in 1997. But in addition to that he was awarded a deferred bonus worth pounds 1.46m and allocation of shares under the company's long-term incentive scheme worth a further pounds 488,000.
He has also received a notional allocation of shares for next year worth just over pounds 1m and has existing share options which, at the current share price of 694.5p, are showing a paper profit of pounds 2m.
The total value of shares awarded to C&W's executive directors last year under its long-term incentive scheme is pounds 1.48m. The second highest-paid director is Linus Cheung, chief executive of the group's Hongkong Telecom subsidiary, who was paid salary and annual bonuses of pounds 927,000.
The bumper pay packets follow a year in which C&W has pulled off a string of deals. It has raised more than pounds 1bn through asset disposals and regrouped the UK cable industry under the leadership of its Mercury subsidiary.
C&W has also forged an alliance with Telecom Italia and leapfrogged into a commanding position on the Internet by acquiring MCI's transatlantic internet traffic business in a deal struck last week.
Both C&W's short-term and long-term bonus schemes pay out 60 per cent of salary depending on company performance set against pre-set targets.
Mr Brown was at one time linked with the vacant job of running AT&T last year, which resulted in the board authorising further improvements in his remuneration package.
Fracking is turning the US into a bigger oil producer than Saudi Arabia
Missing Malaysia Airlines plane: Details emerge of two young Iranians using stolen passports in search for a better life
Three-quarters of Britons are saying it wrong - the top ten most common mispronunciations
Oscar Pistorius trial: Forensic analyst says athlete 'was not wearing prosthetic legs' when he smashed locked toilet door with a bat
Missing Malaysia Airlines flight MH370: ‘Alright, good night’ – last words from cockpit revealed amid growing confusion
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
Exclusive: Impact of immigrants on British workers ‘negligible’
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
Ukraine crisis: Russia pledges to 'retaliate against sanctions' as Ukrainian president says Crimea vote will not be recognised
- 1 Fracking is turning the US into a bigger oil producer than Saudi Arabia
- 2 Hells of residence: Inside Macedonia's horrifying student accommodation - where the walls are green and the food is black
- 3 First Kiss video: Filmmaker gets 20 strangers to make out on YouTube with awkward results
- 4 Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
- 5 Rampaging elephant smashes up house but then 'saves crying baby trapped under debris'
iJobs Money & Business
£45000 - £55000 per annum + Bonus and Benefits: Harrington Starr: One of the i...
£57000 - £77000 per annum + Benefits: Pro-Recruitment Group: Top 10 Specialist...
£350 - £450 per day: Harrington Starr: Harrington Starr are currently working ...
£40000 - £60000 per annum: Harrington Starr: Application Support - FIX protoco...