RSA CHIEF executive Simon Lee will receive a pay packet worth £1.5m for 2012, up from £1.1m, despite slashing the dividend paid to shareholders.
The insurer, which runs the More Than brand, cut its returns to investors by 33 per cent in February on the basis that the payout was unsustainable.
Figures contained in yesterday’s annual report show Lee, who was promoted to group chief executive in November 2011, has also been awarded a three per cent rise in his basic salary to £824,000.
However, his cash bonus for 2012 was cut slightly to £481,000, despite the additional responsibility of running the entire business. The rest of his pay packet consists largely of payouts under a long-term incentive scheme.
Finance director Richard Houghton was paid £651,000 after joining in June, while UK & Western Europe chief executive Adrian Brown was rewarded with a total package worth £1.1m.
Remuneration committee chairman Hugh Mitchell said the payouts reflected RSA’s “good growth and financial performance across its businesses”.