Swinton boosted directors pay 1,000% in 2009
Swintons director pay was boosted 1,000% for 2009, Insurance Times can reveal.
Directors pay shot up from £1.5m in 2008 to £16.3m in 2009. Furthermore, the top director took home £4.9m in 2009. Last year the directors pay – remuneration, emoluments and pensions – dropped back down again from £16.3m (2009) to £1.7m (2010)
Directors pay remuneration, emoluments and pensions – dropped from £16.3m in 2009 to £17m last year.
Yesterday, French parent Covea sacked the executive board, accusing them of putting short-term interests over long-term gain.
However, a spokesman said the 2009 year was not connected to the decision but instead, it was all about performance related share scheme payments for the first quarter in 2012.
In 2008, Swinton Group Limiteds post-tax profits were £28.9m. The profits dropped during the credit crunch, down to £21.8m in 2009 but bounced backed to £27.1m last year.
1. Not understanding the different types of home insurance
The first thing to realise is that there are two, very distinct, types of …
6 Sep 2018
The Co-op Group, Britain’s most prominent mutual, is exploring the sale of its general insurance operations for about £300m amid accelerating changes …
2 Aug 2018
One year after winning an award at the National Family Business Awards, independent and family-run Ashbourne Insurance returned to the event as …
18 Jul 2018