Lovering defends rise in fees for M&B execs
Saturday 27 March 2010
The chairman of Mitchells & Butlers has defended the increased remuneration its non-executive directors are to receive, after he unveiled a 60-day review on Wednesday.
The final details of the new pay structure for the four non-executive directors at the pub restaurant group are still being finalised, but they will be paid more for the extra work to deliver its strategic review.
The increased fees are part of the wider changes made to boardroom remuneration at M&B, which owns the Toby Carvery chain, and are designed to incentivise directors to maximise profits. An M&B spokesman said the non-executives will take most of the extra pay in shares. John Lovering, who joined M&B as chairman in January, said: "This will be a very busy year for our non-executives and we intend to pay them for the work done and value created. We will review whether their fees should go down to a more normal level at the end of this year."
He added: "I am delighted that they are taking fees in shares to show real alignment to shareholders."
M&B became embroiled in a bitter power struggle between its biggest shareholders, including the Bahamas-based billionaire Joe Lewis, who has a 23 per cent stake, and the former chairman Simon Laffin at the end of last year. Mr Laffin lost his battle and was ousted from the board and fresh non-executives were installed.
In his strategic review on Wednesday, Mr Lovering said that M&B would focus on food and six core brands, moving away from pubs that rely on sales of alcohol. It plans to develop and open smaller formats of its Harvester and Toby Carvery outlets in locations such as retail parks.
Mr Lovering has been given an annual package of £350,000 at M&B. While this is £150,000 more than the former chairman Drummond Hall earned, Mr Lovering is taking all of his remuneration in shares.
Diving in at the deep end is no excuse for shirking the style stakes
- 2 Loom bands: Bids for dress made from colourful rubber pass £170,000 on eBay
- 3 Why I'm on the brink of burning my Israeli passport
- 4 L'Oreal cuts ties with Belgium supporter Axelle Despiegelaere after hunting trip photographs
- 5 The true Gaza back-story that the Israelis aren’t telling this week
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Loom bands: Bids for dress made from colourful rubber pass £170,000 on eBay
Supermoon 2014: When and why will the moon look bigger and brighter this summer?
Gaza-Israel conflict: The terrible price Palestinian children are paying for Israel’s war with Hamas
Iraq crisis: Government forces execute 255 Sunni prisoners in revenge for Isis atrocities, says report
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Australia facing international condemnation after turning around Sri Lankans at sea
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...