Electric directors win big pay rises
Wednesday 18 January 1995
The highest-paid director of the company, on the receiving end of a bid from Trafalgar House, is Antony Hadfield, who receives £180,000 a year, a rise from £115,000 in 1992. Along with all the company's directors, his latest pay rise was awarded last October.
As well as a car, which has all its fuel and running costs met by the company, Mr Hadfield is entitled to health insurance for himself, his wife and children, and life assurance worth four times his salary. He participates in the company's senior executive pension scheme.
However, the company insisted there was no legal obligation to reveal the details of the executive directors' bonus scheme, of which he is also a member.
Northern said the scheme's rules did not form part of the directors' contract.
However, their contracts specifically refer to the "bonus scheme, details of which are available on application to the secretary of the company".
Like other directors, Mr Hadfield is "entitled to additional retirement and related benefits" granted by the board. There appears to be no limit.
The directors are on two-year rolling contracts. In Mr Hadfield's case this means that should he ever be forced out of his job he would stand to receive a pay-off worth £360,000.
David Morris, chairman, is paid £129,500 a year for a three-day week. Mr Morris also gets a car, private health cover for himself and his family and life assurance ,together with a bonus from the executive directors' bonus scheme.
Alan Groves, Northern Electric's financial director, is paid £115,000, up from £87,000 in 1990 .
He, too receives a car with fuel paid, plus private health and life insurance. Mr Groves participates in the bonus scheme.
George Hook, the operations director, receives £98,000, up from £75,000 in 1993. Mr Hook receives a car and other benefits similar to those given to the other directors.
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