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LSEG owner said to be plotting multimillion pound pay rise for CEO
(Sharecast News) - The owner of the London Stock Exchange Group is reportedly plotting a multimillion pound pay rise for its chief executive. According to Sky News, LSEG is consulting with its major shareholders about a revised pay policy that would give boss David Schwimmer the opportunity to earn almost double his current maximum package of £6.25m.
Last year, Schwimmer was paid just over £4.7m, of which £1m was his base salary, £1.4m his annual bonus and nearly £2m in the form of a long-term incentive award.
Sources told Sky that LSEG was now proposing to increase Schwimmer's base pay to around £1.25m, while his annual bonus opportunity would increase from 225% of salary to 300%.
In addition, his maximum annual LTIP award would increase from 300% of salary to 550%.
That would mean that Schwimmer was eligible for a total package of around £11m.
One shareholder said they were backing the proposals ahead of LSEG's annual general meeting in the spring because of concerns about the flow of UK-listed companies heading across the Atlantic to list on US stock markets.
The peer group of companies with which LSEG was competing was not other large FTSE 100 companies, they added, but American technology companies which were able to pay vastly higher remuneration packages.
Schwimmer's revised pay package has been communicated to nearly 100 investors during private discussions, with the response overwhelmingly positive, according to several sources, Sky said.
In addition to his bigger pay deal, his minimum shareholding requirement will be increased from four times his salary to six times, according to one shareholder consulted on the plans.
An LSEG spokeswoman told Sky: "As stated in LSEG's 2022 annual report, the remuneration committee will present a new policy to shareholders in 2024.
"The committee periodically reviews executive remuneration arrangements, in line with usual corporate governance practices, to ensure they remain fit for purpose and aligned to our ambitious growth strategy.
"The policy will focus on attracting, securing, retaining and rewarding the best talent in a competitive global market."
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