Pearson pays out pounds 600,000

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The Independent Online
PEARSON'S five main board directors shared almost pounds 600,000 in bonuses last year on the back of the media group's 38 per cent rise in profits, writes Russell Hotten.

According to the annual report and accounts Lord Blakenham's bonus rose from pounds 20,000 in 1992 to pounds 123,000 last year, taking his total pay to pounds 403,000. This compared with his 1992 total of pounds 299,000.

Frank Barlow, chief executive, received a pounds 138,000 bonus, although the comparative rise on 1992 is not made clear in the report. His total pay last year was pounds 453,000 and included pension contributions and other emoluments of pounds 40,000.

The bonuses are the biggest since 1989, when Lord Blakenham received pounds 275,000, and the directors received a combined total of pounds 1.3m.

Pearson said bonus payments are linked to earnings which, when adjusted, were up from 17.3p to 27.9p last year. Pearson's pre-tax profits last time rose pounds 58m to pounds 208m.