Reuters braces for criticism over executive pay

Reuters braces for criticism over executive pay

Reuters is bracing for further criticism of its controversial remuneration policies as the news and information group details hefty pay and benefits packages for senior executives.

Chief executive Tom Glocer saw his pay rise by 10% last year, picking up a total package including benefits and pension payments of £2.065 million. Glocer, a US national, also received a non-cash benefit of £239,166 reflecting the cost to Reuters of paying rent on his West London home.

While this entitlement has been criticised as excessive by the National Union of Journalists, investors are also poring over the finer details of Glocer's long-term incentives plan. According to the firm's annual report, share options awarded to the Reuters' chief while the company's stock languished last year are now worth more than £10 million.

Reuters points out that part of this entitlement is dependent upon Glocer meeting stringent performance targets over the next three years.

In October last year, Glocer moved to give up part of his generous contract termination bonus in an effort to quell rising criticism of pay-outs to executives by stakeholders.

Elsewhere, Reuters' annual report also shows incoming chairman Niall Fitzgerlad will take home £500,000 for his three-days-a-week at the firm. This is nearly double the £262,500 claimed by departing chairman Christopher Hogg

Other big earners included former chief operating officer Philip Green, who netted a total of £1.31 million last year thanks to a redundancy pay-off of £815,000 awarded in June.

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