International risk and insurance chair Drummond Brady also gets pay rise
JLT chief executive Dominic Burke will get a 5% salary increase in 2014 and could now get up to 300% of his salary under JLT’s long term incentive plan (LTIP).
International risk and insurance chairman Mark Drummond Brady and finance director Mike Reynolds will also get 5% pay rises in 2014.
Burke’s base salary will rise to £703,500 in 2014 from £670,000 in 2013.
In addition, Burke’s maximum payout under JLT’s LTIP has increased to 300% of his salary from 200% after a renewal and review of the incentive plan.
All other JLT executive directors’ maximum payouts under the LTIP remain at 150% of salary.
Commenting on Burke’s LTIP increase, JLT remuneration committee chairman Richard Harvey said: “The committee concluded that this was appropriate to reflect the delivery of significant and sustained increases in earnings and shareholder value that has positioned our chief executive as one of the most highly regarded executives in a highly competitive global insurance broking sector.”
Payouts under JLT’s LTIP are governed by earnings-per-share growth over three years. The 2013 LTIP – the first where Burke’s increase will take effect – will pay out in 2016.
Drummond Brady, currently acting chief executive while Burke takes a two-month break, will see his 2014 base salary increase to £367,500 (2013: £350,000).
Reynolds’s 2014 base pay will increase to £420,000 (2013: £400,000).
Group commercial director James Twining’s 2014 base salary will stay flat at £330,000.
Burke was paid £3.88m in 2013, including base salary, benefits, bonuses and LTIP payments. This was a 1.6% increase over 2012’s £3.82m.
He also received a cash bonus of £1m in 2013 (2012: £975,000).
Drummond Brady’s total 2013 pay rose 28% to £1.53m (2012: £1.19m).