Mark Gregory, John Pollock and Mark Zinkula have all received an increase in their base pay from £461,250 to £560,000, the FTSE-100 listed group announced today.
Gregory has now assumed the role of group chief financial officer, an appointment announced on 17 June, after leading what L&G has described as a “transformation of the savings business” into a capital light and efficient asset accumulation business.
Profit for the business jumped from £7m in 2008 to £133m in 2012 and assets under administration from £46bn in 2008 to over £100bn in 2012 under Gregory’s stewardship the group added.
Meanwhile, Pollock has taken over responsibility for the savings division and Zinkula, CEO of LGIM, has assumed responsibility the unit trust business of L&G Investments, which will become part of LGIM.
L&G said the salary increases were awarded to reflect the trio’s expanded responsibilities for the delivery of the group’s growth strategy.
Nigel Wilson, the group’s CEO, will see no change in his salary until March 2014, as agreed at the time of his appointment in June 2012.
The group said its remuneration policy sought to ensure it was competitively positioned around the mid-market range in relation to the FTSE 100, with particular regard to insurers and other financial institutions.
It also aims for the level of base salary to be commensurate with responsibilities, while bonuses are aligned with delivering superior returns to shareholders.
