Swinton Directors Pay Boosted 1,000% Prior To Board Sackings

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.