UK: SABMiller CEO gets US$9m pay package
SABMiller CEO Graham Mackay, who picked up a GBP5.9m pay package last financial year
Graham Mackay, SABMiller's CEO, recieved a total pay package of GBP5.9m (US$9.2m) last financial year, up 5% on the previous year.
Mackay earned a "base" salary of GBP1.2m and performance-related benefits totalling GBP4.2m, according to the company's annual report, published yesterday (26 June). Other renumeration came from "retirement benefits" and "other benefits", which includes medical insurance and a "beer allowance".
In May, SABMiller reported a leap in full-year net profits of 75% to US$4.48bn, boosted by strong growth in Latin America and Africa.
"We compete for talent in a global marketplace, and our approach to remuneration takes account of the need to be competitive throughout different parts of the world in which the group operates." Miles Moreland, chairman of the group's renumeration comittee said in the report.
Executive pay has been under the spotlight lately, with a number of chief executives suffering "no" votes from shareholders over their renumeration packages.
A company source told just-drinks: "Since the company listed in 1999 – during which time Graham has led the company as CEO – total shareholder return stands at 514.8% compared to the FTSE 100 at just 30.5% over the same period."
Mackay, who joined the brewer in 1978, is due to step down as chief executive next year, to be replaced by the current MD of SABMiller Europe, Alan Clark. Mackay will move to become non-executive chairman at SABMiller's AGM in 2013.
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