Tuesday, April 2, 2013

The DLG Geddes and Stein travel took pay cut in 2012

Missed objectives has led to lower bonuses

Direct line group chief executive Paul Geddes (pictured) and chief financial officer John Stein travel were paid less in 2012 than the previous year despite bonuses are awarded.

The two also have their base salaries frozen for 2013, according to direct line 2012 annual report.

Geddes, including base salary, allowances and benefits in kind total 2012 pension benefits and annual bonuses, were £ 1.66 m, by 3.3% on 2011 of £ 1.72 m.

Stein travel was paid £ 894,000 in 2012, of 5% on the £ 937.000 he received in 2011.

Under objective

Geddes is a performance-related bonus of £ 760,000 paid during the year and Stein travel £ 345,000. But this was less than they would have had their performance is consistent with the objectives of direct line group remuneration Committee.

The Commission found that the overall performance of the bonus for 2012 marginally under "on-target".

The report said: "the Commission recognized that the commitments at IPO is met, and that the share price has increased significantly since the offer. Taking into account broader factors and internal stretch objectives, however, overall performance was slightly below on-target. "

If the performance had been on target, would have received a bonus of £ 798,000 Geddes and Stein travel £ 414,000.

If performance is considered by the Committee as ' superior ', Geddes would get a bonus of £ 1.33 m and Stein travel £ 690,000 would get.

Geddes the basic salary is £ 760,000 contract under his direct line group and Stein travel of £ 460,000.

But the actual basic salary the two men received in 2012 was different because the two migrated from their old RBS contracts to their new direct line group ones in September. Under the direct LineGroup contracts, some elements previously paid as benefits are included in the basic salary.

RBS Executive Directors 2012 pay distribution (in £ thousands)

Paul Geddes

Base salary: 671Allowances and benefits: 44Pension contributions: 189Performance bonuses: 760Total: 2,056

John Stein Travel

Base salary: 407Allowances and benefits: 27Pension contributions: 115Performance bonuses: 345Total: 89428 February 2013

28 February 2013

5 December 2012

29 November 2012

2 November 2012

2 November 2012

29 October 2012

16 October 2012

12 October 2012

11 October 2012

4 October 2012

3 October 2012

28 September 2012

17 September 2012



Car Insurance



Car Insurance

Title Post: The DLG Geddes and Stein travel took pay cut in 2012
Rating: 100% based on 99998 ratings. 5 user reviews.
Author: Mohammad Zulfi Satriawan

Thank you for your coming

No comments:

Post a Comment

Google Sitemap Generator