UK: Diageo directors reap rewards

Drinks group, Diageo, has given its chairman, Lord Blyth of Rowington, a pay rise bringing his salary for a three-day week to £450,000. He was being paid £300,000 for a two-day week. As part of the deal, Lord Blyth must invest £150,000 a year in Diageo shares, which he must retain as long as he is a director.

September 27, 2002

The group’s annual report also showed that CEO, Paul Walsh,was paid £2.28m in the last financial year, up 30% from £1.75m the previous year. Walsh’s 2001-02 remuneration comprised a basic salary of £738,000 and a £1.5m bonus. He also reaped £1.4m from long-term incentive payments.

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