Engelhardt, Chidwick and Stevens receive a 4.5% increase
A 4.5% pay increase awarded by the board to Admiral directors Henry Engelhardt (pictured), Kevin Chidwick and David Stevens has been approved by shareholders.
The trio’s salary increase is in line with the group’s average, Admiral said in its annual report. Chief executive Engelhardt’s base salary increased to £381,425, chief financial officer Chidwick’s to £438,900 and chief operating officer Stevens’ to £360,535.
Admiral’s shareholders voted overwhelmingly (99.45%) to approve the directors’ remuneration report at the company’s AGM yesterday afternoon at Cardiff City Hall.
Engelhard and Stevens’ remuneration packages consist of a below market rate salary and do not include a pension.
“They and the committee continue to hold the view that the significant shareholdings held by them provide a sufficient alignment of their interest in the performance of the group with the interests of other shareholders,” the annual report said.
Chidwick, who has a smaller shareholding in the company, receives pension contributions and a bonus. Last year he also received a £260,000 payment for relocating to the US to set up the country’s first aggregator, Comparenow.com. That took his total remuneration in 2012 to £1,352,695.
Total staff costs grew by 18% to £184m last year, the annual report revealed.
According to the annual report, Engelhardt owns 37 million shares in Admiral. With a share price of £13.21, his value holding is worth £488.8m, making him the richest person in the UK insurance industry. Stevens’ value holding is £140.4m, and Chidwick’s is £1.1m, with a further £3.1m subject to performance.
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