Lloyd’s Directors Get 20% Pay Rises – Chief Executive Takes Home £1.4m In 2011

Lloyd’s of London’s chief executive Richard Ward and his executive team have received pay rises of up to 20% for 2012.

This is despite making a £516m loss last year after the market was hit by catastrophe claims of £12.9bn. Ward’s basic pay increased to £668,000 from £556,000, but his potential bonus was reduced to 100% of his salary from 150%.

Last year he received £1.4m including his salary and a £752,000 bonus for his work in 2011.

Lloyd’s director of performance management Tom Bolt received the same £450,000 bonus as last year, taking his total pay to just over £1m.Finance director Luke Savage increased his pay by £13,000 to £893,000, including a £338,000 bonus.

Former chairman Lord Levene (left) picked up £538,000 for his non-executive role.

JLT chief executive, meanwhile, pocketed a £1.9m pay packet in 2011, up from £1.8m last year.

Group legal director Vyvienne Wade was the second highest earner with a remuneration of £905m, rising from £871m in 2010.

Insurance Times reported last month that Marsh & McLennan Companies president and chief executive Brian Duperreault took home $13.9m (£8.8m) in total pay last year, according to US Securities & Exchange Commission filings.

Duperreault’s total compensation package increased 3% from $13.5m in 2010, as agreed by the company’s compensation committee in February 2011.

Meanwhile, Willis chairman and chief executive Joe Plumeri’s total pay decreased by more than $500,000 to $11.5m in 2011, from $12.1m a year earlier.

Last month business secretary Vince Cable published a consultation on plans to give shareholders a binding vote on executive pay at 1,200 quoted companies.