Plans to pay BG Group’s new CEO up to £14 million in his first year of employment have come under mounting pressure from a range of industry and professional bodies, with a high-profile investment group now adding their concerns to the debate.
The Investment Management Association represents members that oversee assets worth £5 trillion. It is understood that the group has issued a ‘red’ top-level warning about Mr Lund’s proposed benefits package, which is the most extreme level of concern raised against corporate plans. BG Group has confirmed that it remains in ongoing discussions with its primary shareholders in advance of a pay-approval meeting in December.
Mr Lund, formerly CEO of Statoil, is due to begin his new role at BG in March after former CEO Chris Finlayson stepped down after a 16-month tenure for personal reasons. If approved, Mr Lund’s benefits will include a salary of £1.5 million and a 200pc bonus, along with shares worth up to 600pc of his basic pay.Last updated on 08:48AM - 04/12/14