Highest-paid director's salary soars to pounds 950,000 at Flemings

Flemings, the private merchant banking group, more than doubled the amount paid to its highest remunerated director last year from pounds 460,000 to pounds 950,000 and increased the number of directors paid more than pounds 330,000 from two to 10, writes John Willcock.

Flemings' annual report, published yesterday also showed that the company's audit committee is made up of three executive directors and one non-executive, contrary to the Cadbury Committee's code of best practice. Cadbury recommends that the committee should consist solely of non-executive directors.

John Manser, group chief executive, said the company was private and as such did not comment on directors' pay. As to the audit committee, however, he said the bank was seeking to recruit non-executives 'of appropriate stature and knowledge' who would be able to join the committee.

Last year Flemings made pre-tax profits of pounds 101.6m, up by a third against the previous year after a good performance in the Far East and big fees from the Wellcome share sale.

The investment capital group 3i, in contrast, but the payment to its highest paid director by nearly a quarter from pounds 313,898 to pounds 293,573, according to its own annual report released yesterday. This was despite growing its pre-tax revenue from pounds 40m to pounds 55.9m in the year to March.