George Weston,the boss of Primark owner Associated British Foods,has banked a 23% pay
rise to £7.15m thanks to bonuses linked to the food and fashion group's achievements in previous
years
Weston's basic salary rose to 973,000,up 2.6% on the previous year in line with the rest of the company's
employees,but his take-home pay was lifted by an increase in the value of long-term incentives
to £4.8m from £3.1m in 2013,according to the company's annual report published on Thurday.Weston
also recieved 15,000 in other benefits 457,000 towards his pension and an 894,000 annual bonus.
Finance director John Bason, the group's only other executive director ,also saw his pay jump 21%
to £4.8m thanks to a £3.2m long-term bonus.Both recieved all the possible bonus shares allocated to
them in 2011 under the long-term scheme after ABF achieved earnings per share growth of
more than 12% in the three years to 2014
For the year ahead , Weston's basic salary will rise above £1m for the first time.A short-term bonus
of the first time. A short-term bonus of up to 150% of base salary and a long-term bonus of up to 200%
of salary could again take his total pay to more than 5m including benefits such as a company
car and private medical insurance.
The company said in the annual report :" We are satisfied that pay outcomes for the financial year
2013/14 reflect overall business performance "
