CRT Trustees have published an update on progress. Of course the first message is to report the launch of the charity in July 2012. But then comes the part about executive pay.
This is an extract of what it says:
All directors pay will fall within the band of £120,000-£160,000 per annum. The Chief Executive’s pay will fall between £175,000-£200,000 per annum. The immediate consequence of this decision is that the Chief Executive’s pay in the Trust will be £195,000 and the Finance Director’s pay will be £160,000. At the same time we have increased the pay of the Technical & Operations Director from £147,000 to £155,000 as recognition of the very considerable increase in the scope and responsibility of this role. The Property Director’s salary also increases from £140,000 to £155,000 as a reflection of market comparators. His salary and the performance related pay are still below open market practice but are, we believe, appropriate for the Trust.
For the fourth year running Directors will not receive a standard pay increase, including the 3% standard pay increase which is being awarded elsewhere in the Trust in 2012.
Only one Director will receive a performance related pay award this year. The Property Director is the exception because we feel the financial outcome of the sale of Wood Wharf was truly exceptional and performance pay is the market norm in this sector.
We have decided to reduce the size of the executive team by amalgamating the Technical and Operational roles. We have decided that in the longer term the Trust does not require the expertise of a full time Legal Director of Nigel’s calibre. So the role of Legal Director will not be replaced in 2014.
Have they got it right?
You can read the full report and the consultants reports on remuneration here.
Menbers will get the NABO view in September in the next edition of NABO News.