S&N directors' bonuses total £1.3m

SEVEN directors at brewer Scottish & Newcastle picked up performance-related bonuses totalling £1.3m despite the group's shares being the worst performers in the FTSE 100 index in 2003.

New chief executive Tony Froggatt received a bonus of £206,900 despite having worked for only eight months of the year.

S&N's annual report says the bonus is based on how the company's profits compare with its cost of capital, rather than how the shares perform. But shareholders may be surprised at the size of the payouts for a period that saw the group's shares plunge from 477p to 378p. The stock has picked up in 2004, although this is thought to be due partly to bid speculation.

Meanwhile, it emerged that the biggest bonus went to Bob Ivell, boss of the group's pubs and hotels division known as S&N Retail. Ivell won plaudits in the City for the amount of money -£2.5bn - that Spirit group paid for the division.

He got £465,000 in bonuses in recognition of the division's strong trading during the sale process. He is currently working on plans to buy the Premier Lodge business that formed part of S&N Retail.

Australian Froggatt joined on a salary of £399,808 - fairly modest by FTSE 100 standards. He also received other benefits totalling nearly £160,000.

Create a FREE account to continue reading

eros

Registration is a free and easy way to support our journalism.

Join our community where you can: comment on stories; sign up to newsletters; enter competitions and access content on our app.

Your email address

Must be at least 6 characters, include an upper and lower case character and a number

You must be at least 18 years old to create an account

* Required fields

Already have an account? SIGN IN

By clicking Create Account you confirm that your data has been entered correctly and you have read and agree to our Terms of use , Cookie policy and Privacy policy .

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in