Latest annual report shows that the total remuneration package for Berkeley chairman Tony Pidgley in 2015/16 was 拢21,489,000, thanks to a multi-year performance incentive payment worth more than 拢19m to add to his basic salary of 拢850,000 and 拢1.275m annual bonus.
Chief executive Rob Perrins received a 拢9,585,000 multi-year performance incentive on top of his basic salary of 拢515,000, 拢33,000 benefits and 拢773,000 annual bonus, to make a total remuneration package for the year of 拢10,993,000.
Fellow executive directors Greg Fry, Karl Whiteman and Sean Ellis have also benefited from seven-figure performance bonus, to make total packages of 拢7,138,000, 拢3,943,000 and 拢3,010,000 respectively.
The multi-year performance incentive scheme was set out in 2009. Since then, Berkeley鈥檚 share price has risen from below 拢8 to more than 拢30 at the end of the 2015/16 financial year 鈥� although it has dipped somewhat in the wake of the EU referendum.
The non-executive directors watching over Berkeley's boardroom pay are quite certain that these men are worth every penny. The Remuneration Committee states in Berkeley Group鈥檚 2016 annual report: 鈥淭he committee is satisfied that there is strong alignment between company performance and the remuneration of the executive directors.鈥�
In the year to 30th April 2016 Berkeley generated 拢2,047.5m revenue, down 3.4% from the previous year鈥檚 拢2,120.0m. Profit before tax was down 1.6% to 拢530.9m (2015: 拢539.7m).
It was not that good a year for Tony Pidgley, however. In the previous financial year he got 拢23.3m.
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