Manchester Airport executives' pay rises, but no bonus
04.08.08
Manchester Airport Group executive directors have missed out on bonuses for the second year running after failing to meet targets, Crain’s reports. Accounts recently released show both group chief executive Geoff Muirhead and former strategy director Rowena Burns saw no bonus payments for 2007/08 because ‘the qualifying criteria for company performance was not met in 2006/07’.
Under the scheme, Mr Muirhead and Ms Burns could have earned up to 30 percent of their base salaries in bonuses. Ms Burns left at the end of March 2008 to join Manchester property developer Bruntwood.
The newspaper reports that the accounts also reveal that no directors accrued any bonus payments in respect of a three-year long term incentive bonus plan, which will be paid out in 2009/10. The scheme, which pays bonuses equivalent to up to 33 percent of base salary, is based on profitability and net debt.
Latest accounts for the year ending March 2008 show Mr Muirhead's total remuneration package increased to £378,000 from £356,000, in part because of a £25,000 increase in ‘salary, fees and expenses’ while Ms Burns' total pay jumped to £310,000 from £268,000, as her salary, fees and expenses increased by £43,000.
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