New Trade Minister Lord Livingston must be one of the richest members of the Government as his old employer BT said he has walked away with 2.6 million in shares worth £8.9 million.
The BT board said it “felt it was appropriate for Ian to receive the above shares given the major contribution he has made to BT’s turnaround in recent years” as various long-term awards paid out, although some other bonuses lapsed after he stepped down this month. BT has shaken up the pay for new chief executive Gavin Patterson, who will be able to earn higher long-term bonuses than his predecessor, but the short-term awards will be slashed.
Patterson will earn the same base salary of £925,000. But his potential maximum long-term bonus will soar to 400% of salary against 240% for Livingston. However, the maximum short-term bonus is cut from 400% to 240% and the “on target” award falls from 250 per cent of salary to 120 per cent.