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Who’s Getting What Salary? NatWest controversy, General Motors rise and Ocado row

By Kris Paterson in News Stories, posted August 2, 2022

NatWest avoided an embarrassing shareholder rebellion last week during the first annual meeting since the bank returned to majority private control despite bringing in a controversial pay policy that could net its chief head executive Alison Rose £5.2m a year.

The Guardian reports changes to the restricted share plan and a new bonus scheme, due to come into full effect in 2023, will allow Rose to earn a quarter more in bonuses than under the current pay policy.

She was paid almost £3.6m in 2021.

Mary Barra, boss of car giant General Motors, earned $29.1m last year, making her the highest-paid CEO of the "Detroit Three", ahead of Jim Farley of Ford, who earned $22.8m, and Carlos Tavares of Stellantis, who got 21.bm, says The Detroit News.

Barra was paid $23.7m in 2020.

Her base salary rose from to $2.1m, and she received a $7.6 million General Motors incentive-based bonus, up from $3.8m; the value of her stock awards rose from $13m to $14.6m for 2021.

Ocado's chief executive Tim Steiner faced giant shareholder backlash over an "outrageous" pay plan that could hand him up to £100m over five years, says The Mail on Sunday.

For that to happen, Ocado's share price must triple under the terms of a value-creation scheme.

Steiner missed his March target and the £20m payout, only for the firm to recommend extending the project until 2027.

Proxy advisers Glass Lewis and ISS urged investors to reject the plans.

Kris Paterson is a writer for WhatJobs.com

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