Amvescap executives soar into top five of FTSE 100 pay league

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Martin Flanagan, the chief executive of the fund manager Amvescap, and the chairman Charles Brady were collectively paid almost $24m (£14m) last year, putting them among the top five executive earners in the FTSE 100.

Mr Flanagan, who took over as CEO of Amvescap last August, was paid almost $12m in compensation for the loss of stock options which he had built up in his previous position at the helm of Franklin Templeton. Along with his salary and other benefits, his package for the year totalled $14.2m.

Mr Brady, who relinquished the role of CEO to Mr Flanagan last summer but stayed on as company chairman, earned a total of $9.63m for the year - more than five times more than the year before. He is to stand down from the board in April at the age of 71. The group's remuneration committee said it had decided to award Mr Brady such a large bonus due to his "exceptional leadership" over the year - during which he fought off a hostile takeover bid and appointed his successor as chief executive.

After founding the company in 1978, Mr Brady helped build Amvescap into the second biggest fund manager in the world behind Fidelity. However, after becoming embroiled in the "market timing" scandal, Amvescap was forced to pay a fine of $450m by the New York Attorney General Eliot Spitzer in 2004. Its reputation, as well as the company's share price, were hit badly by the scandal. But the shares have recovered over the last year since the appointment of a new chief executive was announced.

Michael Benson, a former vice-chairman who resigned after working just three months last year, was paid $2.44m, helping to take the company's executive boardroom pay bill to more than $30m for the year.

The 12 members of the company's executive management committee, who were not on the board, were collectively paid $20.4m, while the non-executive directors received a further $1.27m. The total director pay bill of $52.36m is one of the highest ever registered by a British quoted company.