Welcome to the new Independent website. We hope you enjoy it and we value your feedback. Please contact us here.


Ernst partner earns pounds 430,000

Nick Land, UK senior partner of Ernst & Young, was paid a total of nearly pounds 430,000 in the year to June 1996, according to the accountancy and management consultancy firm's first published report and accounts.

The figures issued yesterday also show the practice's profits rose 21 per cent to pounds 75.2m, while gross fee income rose 14 per cent to pounds 456m. At the same time, the international firm announced worldwide revenues up 13 per cent to $7.8bn (pounds 4.8bn) for the year to 30 September.

Mr Land's package was made up of remuneration of pounds 326,701, a pension contribution of pounds 74,712 and interest on his partnership capital of pounds 25,513. The average partner's total pay was pounds 200,000, comprising pounds 154,000 in remuneration, pension contributions of pounds 35,000 and interest on capital of pounds 11,000.

This figure was broadly similar to the amount reported for KPMG partners when that firm published its accounts earlier this year as part of its move to incorporate its audit arm. But Mr Land's pay package is dwarfed by KPMG senior partner Colin Sharman's pounds 740,000.

Though all sectors of the business had done well, corporate finance, which grew by a fifth, management consultancy and taxation had been especially strong.

Pointing out that partnership profits had actually dipped last year, to pounds 171,000 per partner from the previous year's pounds 177,000, Mr Land attributed the record growth to "improved market conditions and the results of a sustained process of change over the last four years".

Ernst & Young is not required to publish detailed financial information, but Mr Land said disclosure fitted in with the firm's spirit of openness.