Steve Marshall鈥檚 total remuneration rose to 拢447,366 after stepping up to executive chairman for eight months
Balfour Beatty鈥檚 chairman Steve Marshall saw his pay increase by two thirds in 2014 to 拢447,366, after stepping in to become acting executive chairman for eight months after Andrew McNaughton exited as chief executive last May.
Marshall鈥檚 annual income was doubled from 拢265,750 to 拢531,000 on assuming the executive chairman鈥檚 role to 鈥渞eflect his additional responsibilities鈥�, Balfour Beatty said in its annual report published last week.
His total remuneration for the year ended at 拢447,366, reflecting four months spent on the lower pay level and eight months at the higher level.
Balfour Beatty , with a 拢304m overall pre-tax loss for the year and a 拢317m operating loss within its UK construction business, which was dragged down by problem jobs and dire results in its M&E division.
Marshall stepped back to the role of chairman on 1 January this year when Leo Quinn joined Balfour as chief executive. Marshall will be replaced as non-executive chairman by former BHP Billiton executive Philip Aiken on 26 March this year, with Aiken appointed on an annual income of 拢270,000.
The remuneration report within Balfour鈥檚 annual report also confirmed Leo Quinn鈥檚 base salary is 拢800,000 for 2015, although his total remuneration for this year could rise to 拢2.3m through performance and share incentives if Balfour hits its targets, and up to a maximum of 拢3.5m if these targets are exceeded.
Despite McNaughton stepping down on 3 May 2014, the remuneration report reveals the board agreed he should continue to receive a base salary, car allowance and pension allowance, amounting to 拢66,333 paid monthly from May 2014 to the end of the year.
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