Rakesh Kapoor was given almost double his earnings compared with 2014
Reckitt Benckiser, the UK manufacturer of personal care brands Clearasil, Scholl and Veet, has released its 2015 annual report.
The report highlighted the earnings of its chief executives including CEO Rakesh Kapoor, who last year took away £23,191,000 in total remuneration. The figure is nearly double what Kapoor made in 2014 (£12,777). The latest figure makes Kapoor one of the UK’s highest paid chief executives.
A key factor behind Kapoor’s big pay packet was down to a bonus that is allocated on the basis of shares. For 2015, Kapoor was paid 80% of the total Long Term Incentive Plan (LTIP) that he is entitled to, compared with half that in 2014, when LTIP vesting totalled 40%.
As a result, Kapoor’s LTIP totalled £18,170,572 in 2015 compared with £8,940,513 in 2014. This figure when combined with Kapoor’s 2015 base salary of £890,950, taxable benefits of £47,658, annual bonus of £3,816,830 and pension benefit of £264,885, saw Kapoor take away his multi-million pound grand sum.
In the report, it noted: “Our performance linked remuneration package is underpinned by a meaningful share ownership policy, which drives a culture of ownership throughout the company in order to further the alignment between our Executive Directors and our shareholders.
The report went on to add: “Executive Directors are required to build their share ownership over eight years and both [Kapoor and CFO Adrian Hennah] have made good progress over the last 12 months.”