Bock's £700,000 first-year salary dwarfed by Tiny's
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Dieter Bock, the German property tycoon who has replaced Tiny Rowland at the helm of Lonrho, was paid £700,000 in his first year of drawing a salary from the international trading conglomerate.
That included £100,000 worth of pension contributions as Mr Bock is not a member of the Lonrho pension scheme.
But his remuneration is still dwarfed by Mr Rowland's, which totalled just over £1.5m last year, a £50,000 reduction on 1993.
Mr Bock declined to take a salary until a remuneration committee was set up at Lonrho as part of his policy of "normalising" the company in line with the Cadbury committee guidelines on corporate governance. On top of the salary award, Mr Bock, who has an 18 per cent stake in Lonrho, was granted 100,000 share options at an exercise price of 136p.
The company's shares closed yesterday at 153p.
Mr Rowland, who ceded executive control to Mr Bock late last year, is due to retire from the board at the annual meeting in March, but he will continue to receive his full salary and benefits until the end of this year, as part of a deal reached with Mr Bock after an acrimonious public row.
Four directors who departed last year, including the former chairman, Rene Leclezio, received pay-offs totalling £2.4m.
All directors are now on contracts of no longer than a year.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments