Estates Gazette: What do the top property execs earn?
According to Estates Gazette, earning more than £11m between them, property chief executives’ bonuses rose by 17% in the 2017/18 financial year as the industry recovered from a rocky year following the EU referendum.
On average, salaries accounted for 32% of total pay among property chief executives, with the majority of the rest coming from variable pay that depends on company performance.
Hemant Kotak, managing director of Green Street Advisors, said this was roughly in line with expectations. Between two-thirds and three-quarters of chief executive pay, he said, should be performance based: “The companies which have a high element of variable pay with those performance targets are generally deemed to be well-aligned with shareholder interest.
“We want good alignment. We want chief executives and board members to be incentivised. The remuneration committee that sets this needs that as a primary objective. UK companies, by and large, actually do a pretty good job on that front.”
To read the full article from Estates Gazette, click here.